Last week The Oil Pnf Chart started the month on a column of O's. I wrote about it in the Chartwatchers newsletter. You can find the link here. Chartwatchers
The chart immediately reversed to the upside. What a beautiful bounce off support.
You can see the auto calculation from the PnF sits at $108. Ultimately, that is where we would expect to see the chart climb to. It does not mean it has to do it in this column. The downtrend has been broken. Very nice breakout that should give us some room to the upside.
Greg Schnell, CMT