Crude Oil - Is This a Long-Term Swing High?

The big number to watch is a daily close above 53 spot 58 on the front month WTI contract. That's the 200 week moving average, which has been containing the market so far. I wouldn't be surprised if we did see some kind of external news cause a price break to the downside that could accelerate as we start to shake out some weak hands in this market.