Crude oil was up over five dollars today with the NYMEX close around $128.00.
The momentum in the long trades was powerful in the afternoon session. This was in sharp contrast to the slow short side declines we have seen for the past week or so.
You'll notice my chart looks a little different today as I am trying to eliminate some redundant indicators to simplify the look and reaction time required in reading the chart.
Simple is always good.
13 Tick Range Bar Chart (click on chart to view)
The daily crude oil chart shows a nice bounce off the 34 EMA (white line) and back to the long bull trend.
Daily Chart
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