With the government inventory numbers behind us, a massive build in gasoline inventories, and a headline build, I think all immediately term bullish items are gone. Continue to sell this baby down to monthly support at 29 - 28.50.
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That bearish trendline has done a good job at keeping a lid on any buying impulses recently. Yesterday, we saw a strong rejection at this resistance. Overnight and this morning, we're seeing some consolidation right below the $31 level. We could see a bullish breach when pit trading opens at 9am. Today is an oil futures options expiration day. These are typically bullish days for crude. $30 puts expiring at 2:30pm have massive open interest @ 13.3k contracts. I find it unlikely to think dealers won't be strongly supporting the front month contract above that $30 level. Given all of this, I'd lighten up on the short here and look to catch a bounce higher and wait for higher levels to add to your short position.
