Happy Friday oil traders! In looking at the chart, discounting the Saudi oil field attack, we are still on an upward trend. However, we are still at the top of the new light blue channel. I believe we will still move up, but we have not returned to the bottom of the channel in a while. Hourly, 4 hour, and Daily charts are not supporting either direction in a strong manner, so today is up in the air. Next week I expect we will return to the bottom of the channel around $55.30 before returning near the $60 level. If you are trading today, think small and don't hold over the weekend. Have a great weekend everyone!