Today's selloff in Oil was significant because it broke support around the $51 level. This level has been important for almost two years. It was resistance in October of 2015, and then again in June and October of 2016. Then it was support from December through early March. My guess is that we see reversion to $51 short-term, and then a tradable move. Could be time for a good Old-Fashioned Butterfly-Straddle.
The Old Fashioned is a cocktail made by muddling sugar with bitters, then adding alcohol, such as whiskey or brandy, and a twist of citrus rind. It is traditionally served in a short, round, 8–12 US fl oz (240–350 ml) tumbler-like glass, which is called an Old Fashioned glass, named after the drink.
Similar to the migrating birds, Monarch Butterflies use the clear advantage of updrafts of warm air, called “thermals" and glide as they migrate, to preserve the energy required for flapping their wings all the through the long 2500 mile voyage from the Great Lakes in Canada to the warm Central Mexican Oyamel fir forests in the Michoacan hills. They rest there through winter and then complete their migration Northwards in search of milkweed plants in the Eastern United States.