For the Bulls

It's been a rough 6 weeks or so for the bulls, with the July contract basically unchanged for 2011.
But there is good news for those of a bullish cast of mind; WTI has a pretty significant cluster of  support not far under todays low, at roughly 91.00

 Active Mo. Weekly
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The 50% retrace as shown above, and "c=.618 of a" come in there at 90.89 and 91.03 respectively.
click to enlarge
Note the positive RSI divergence.
So from a bullish perspective if you think this move down is merely corrective, this is a good buying opportunity.

As has been outlined on countless occasions on this blog I believe the 114.80 high is B wave top for this rally and WTI has started it's C wave down. Pls see WTI Update  from May 4 for a detailed discussion.
On the downside penetrating the 91 area would represent another milestone in confirming the count, and bad news for the bulls.


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