Will it hold or be negated, that is the QUESTION? The support area(old resistance) back at 75.50-77.20 does need to be retested and usually is. Daily close above the 50 day mov av at 78.85 would trigger an additional buy signal marking the 82.00 bounce line target. Will it happen quickly or be the usual slow process taking a month or more to complete is the 2nd QUESTION. Making my guess that it will be a month or more process to maximize the seasonal rally that is just beginning and could be ending the day April expires depending on demand and whatever upside cash can muster.

Made my deposit on the 2 longs I put on late Friday @ 78.70 and 79.50. I had a 3rd potential target @ 79.90 but had no confidence in the voice of greed whispering "give it a chance". This pop should make it very tempting for the bears since April expires at mid week. A drop back to 76.50 would make it very tempting for me to test the buy side again since a reversal has occurred and the upper trendline resistance currently at 83.00 will only drop a $1 down to 82.00 at the end of May. Plenty of time for the magnetic process to pull June up to kiss that resistance trendline. A weekly close below 75.00 negates all up momentum and puts June hogs back in a bottom feeding mode.