Bullish outside candle on the oil chart
WTI crude oil touched as high as $48.44 in a $1 rebound after four days of heavy selling. Crude is down 17% this month and some position squaring ahead of month end should be no surprise.
I'm watching for a close above $48.20, which was yesterday's high. A close above there would cement a bullish engulfing candle and signal a larger bounce, perhaps to $50.00.
Yesterday, I highlighted support around $47.
Oil daily
I wrote about oil seasonals earlier and how this price action might fit into the picture.
