Browse Symbol Stacks: /CL: CL_4Hour_Feb052015.jpg
4-hour WTI crude light futures chart as London heads off to lunch Thursday morning.
Note the bullish engulfing candle from the 2nd half of Asian trading/Start of EU trading.
Note that happened at the 61.8% fib retracement of the spike off low of bear move down (so far), and just above the trendline off Last Thursday's low.
I would not be surprised to see price attempt to re-test $50 sometime during pit session today.
If the bullish momentum holds, an AB=CD move takes price up to $58.02, and near the top of the prior balance area on the daily chart
So not only did we get back up to $50, we rose all the way up, and a little past, the 61.8% retracement of the drop off $54.24 to 52.10.
Got to love a technical market