Technical Analysis

CL broke above downchannel resistance (on the 4hr chart) yesterday, and briefly touched 51 before selling off back to just under 49.5 and converging again towards 50.  A green weekly Doji is currently forming, with weekly and 4hr RSI, Stochastics and MACD making higher lows, and the weekly MACD on the verge of a positive crossover.  The daily RSI and Stochastics are beginning to tilt up again, with the daily MACD negative crossover remaining shallow for now.

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