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Crude Oil; Time To Turn Bullish?

Crude Oil; Time To Turn Bullish?

Crude Oil WTI NYMEX:CL1!

Yesterday, bulls managed to break the upper, descending boundary of the contracting triangle temporarily but faced stiff resistance and failed to hold onto their gains. But taking into account the fact the inability of the bears since late August to push the price lower significantly, I favor an eventual bullish breakout of the triangle for a thrust to the 54.5 - 55.5 area.

Good luck,

Ali Sharif Azadeh, CFTe