Happy Thursday Oil Traders! A very interesting day on the 15 minute chart. We started off with an Engulfing Candle that encompassed the previous 6 candles followed with a down candle, and price fell significantly. Then we had a weak Inside Bar followed by a small up candle and price rose slightly. Now we have a new Inside Bar with a small up candle. This time it looks as if it is hitting resistance at $54.20. Will it break out? I am tending to believe it has a little more downward pressure before it returns to growth. If you look at the daily chart the Stoch RSI has hit bottom, but that doesn't mean it will immediately bounce back up. Fridays are always iffy anyway. Trade safe and let's make some profit and have a nice weekend!