The Crude Oil (Oct. 12 contract) remains bullish above 98.70 and seems to have found support at the intraday pivot at 98.70 (which is the same as friday's). Notice the nice legs on the H1 candlestick chart that almost reached and bounced of the 50% Fibonacci retracement (taken from the last spike low at 96.51 to the last spike high at 100.40). The market breached the pivot but failed to close below it on four different candles which strenghtens my bullish view in the near-to-medium term.
If it wasn't so early in the day I would personally go long now but mondays are usually hard to trade due to lack of liquidity and indecision of direction so I'll be staying aside until the late US session even though I may miss this great opportunity to go long at 98.91 where the price currently resides.
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