Now we're cooking with oil! Popcorn anyone? In Update 7 I said "What we want is another breakout and a close substantially above the Bull Flag Trend Line.". That's exactly what we got today after 2 attempts failed earlier this week!
Notice the increasing volume all this week. And yet, every day, but today, resulted in a Doji candle. The battle between the Bulls and the Bears has been escalating all week but today the Bulls won. Yay for our side!
We closed above all the Moving Averages we use, except for the 200sma. We also closed above the Trend Line on high volume, as described above. These are bullish indications. I was so encouraged I almost added to the position, but being a Friday, and the fact we haven't seen confirmation yet, I refrained.
By "confirmation" I mean another bullish candle to confirm the breakout. After all , the next candle could gap down and continue down. That could also happen after a confirmation too but that would be unusual, and likely due to news.
So, thank you to the trading gods for my early Father's Day gift.
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