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Crude oil: Go long above today's high

Crude oil: Go long above today's high

Crude Oil WTI NYMEX:CL1!

After the crude oil inventories news came out, we observed a drop under the weekly mode in crude, but rather fast, it found support and buyers stepped in, creating a hammer candle pattern.
This is considerably bullish , and to add insult to injury, price was supported right above the highest volume node, while rgmov is in a daily uptrend. Buying over this high in an oversold dip is common sense to me here, specially after it discounted the news like that.

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Cheers,

Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com