What a frustrating sequence for oil bulls
Every time oil thinks it's won the Oscar for breakout performance, it turns out there has been a mistake.
Today it once again looked like it was making a charge for $55 but after an early gain to $54.61, crude has faded back to $54.16, up just 18-cents on the day.
Oil hasn't really failed, it just repeatedly fails to hold the highs. It's finished at least 50-cents from the highs in every day over the past week.
A look at the daily chart shows it's still constructive but every time the bulls get geared up for a real breakout, they get reeled back in. Eventually, that's going to result in some Oscar-worthy disappointment.
