The moment of truth for near-term Crude Oil direction, as the price structure has broken beneath its Nov-Jan up trendline, now in the vicinity of $51.50, which has been violated this morning, but as of yet, has not been sustained.
Where are the sellers under that support line?
So far, some stop-loss selling likely unfolded, but Oil has not followed through to the downside.
Let's see what happens during today's afternoon session.
If Oil does begin to follow through to the downside, then Oil will be pointed towards a test of much more important support at $50.00-$49.00.
Conversely, the ability of Oil to climb and sustain above $51.50 in to the close will be an initial indication that the correction off of the Jan 3 high at $55.24 may have ended at today's low.
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