Crude Oil (WTI)

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From AM analysis:

On a macro basis: The decent trade back above $56.28 has brought in $4.11 of the short covering warned about above. The decent trade above $59.67 projects this upward $3.90 (+); but if we fail decently back below, look for decent profit taking to come in. This will come in at $59.84 today (I have taken this from an intra-day line to a daily line). I would NOTE that in this contract, we broke above a macro formation on 12/5 that projects this upward $2.90 minimum, $11.70 (+) maximum. This will come in at $57.83 today. Solid failure back below should bring in pressure for days/weeks, likely for a run toward $50.50 (-). 

On a short-term basis: We held an exhaustion area below at $58.02 and have rallied $2.37. The trade above $58.78 (-1 tic per/hour) has brought in $1.61 of the strength warned about. Today has a good likelihood of being a range expansion day. We are likely in a new lower timeframe bull structure from $58.02 upward.