Looks to me like the high for the year is in for OIL . We may see huge drop .below $100 next week . High volume selling kicks in .Demand destruction in weak economy ! Short below $106
Sentiment: Strong Sell
What is your downside target?
Oil is headed back to 96 within the next 3 weeks
You can't say "reversed" until EMA(5) crosses below EMA(20). It's around $102 on the daily chart. If it goes below $102 then it is reversing. It's too early to conclude.
You need a $7 move to show a reversal? I'd day you're using lagging technicals.
If it breaks through 110 then 115 is in the works. Once that number is breached, consumers will pull back on spending and talk of releasing some of the reserves will take issue.