WTI crude oil (CL) continues the rally it began to end last week after taking a beating from $123 down to $101. The outlook appears favorable in the near-term, while the broader outlook is mired in what will probably amount to range activity.
This makes the trading environment most favorable to those with short-term outlooks of a few days or less. Volatility is high so there should continue to be plenty of two-way trade. Giving the bounce the benefit of the doubt, we could see WTI soon revisit the low $120s again soon.
