Here is an hourly chart showing pit trading in April crude oil futures.
I am not quite ready to give up on my revised 63.50 rally target, largely because most reactions within a downtrend have two distinct upward phases and so far we have only seen one. So I am willing to guess that the break from yesterday's high at 62.95 will halt near 60.20 and then be followed by a rally to 63.50.
In any even the most important thing to keep in mind is that crude is in a bear market which will carry prices down to $52.00 and probably much lower than that.
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