Last analysis expected that US Oil had entered a large consolidation, with support about 61.0 and resistance about 72.5 to 73.0. Price remains within this zone, beginning now to swing up to resistance.
For the short term, some upwards movement was expected for US Oil. Although Friday ended with very strong downwards movement, the week made a higher high and a higher low.
Last week’s analysis expected that US Oil had begun a deeper and longer lasting consolidation. A downwards week with a lower low and a lower high fits this expectation.