Crude at the best levels of the day
A washout is a classic sign of a bottom, at least a short-term bottom.
Crude flash-crashed $1.50 to $43.76 in Asia but has recovered it all and more. The drop came on heavy trading and options activity.
That's usually a sign of capitulation and today it's a queue for shorts to take profits. That's what's happening now in a big way as crude hits a session high at $46.52.
The level to watch now is the March low of $47.01.
