Okay, I finally get to say it! It has been a big, interesting week for crude oil! After months of essentially range trading, with the main WTI futures contract, CL, staying within a narrow, slightly upward sloping channel, we have finally seen some directional action over the last three days. Cl, after a failed attempt on Wednesday, broke down through the 50-Day Moving Average (MA) yesterday. From there, anybody who understands the mentality of institutional traders could have told you that an attempt at the trend line that marks the bottom of the channel was next. Sure enough, that came before the end of the day. That attempt, however, failed initially. CL hit a low of $40.22, right on the line, before a rapid bounce led to a close at $41.28. The question for traders and, given the overall importance of crude futures in the sector, all energy investors, […]