Since the Feb'11th low of $26.05, WTIC oil has seen a powerful ramp to $42.49, but is now already back in the $35s. Chatter is already starting to increase that Oil will be trading back near the recent lows within a month or two. What should be clear, the issue of over-supply remains entirely unresolved.
re: weekly: note the first red candle since early February.
re: monthly: the monthly 10MA is holding the line... and unless oil bulls can attain an April/May close above the $40 threshold, the strong downward trend remains fully intact.
Macro-econ chatter: Mr Long, with Armstrong
Tuesday will see intl' trade, and the latest PMI/ISM serv' sector data.
Goodnight from London