Oil Gains for 2 Straight Days...

Crude oil price gained for a second straight day today, the first 2 days gain since early July. This 2 days gain is an extremely significant one as it occurred right at its support level, completing a rounded bottom formation. A rounded bottom formation is a pattern where the price chart forms a round shaped turn around. Such a formation is especially significant near support levels. Does this mean that crude oil price is going to turn around into a bull trend? It's still too early to tell but today's gain despite rising oil inventory doesn't make it a very credible move. Regardlessly, moving up and down within a $100 to $120 range seemed reasonable enough. There is also a significant flight to quality as bond yields dropped across the board once again. For now, today's gain of 69 points kept the short term bull trend intact on extremely weak volume. Volatility is still the name of the game.