WTI CRUDE OIL has broken above the $45 level during the course of the week, showing signs of continued strength.
At this point, it is likely that we go looking towards the $51 level.
That is an area that I think will continue to cause some serious issues, as it is a large,
round, psychologically significant figure and of course where we see the 200 MA sitting just above.
I do think that might be the target over the next couple of weeks though,
as people are also starting to price and the possibility of an extension of OPEC production cuts.
At this point, it is likely that we go looking towards the $51 level.
That is an area that I think will continue to cause some serious issues, as it is a large,
round, psychologically significant figure and of course where we see the 200 MA sitting just above.
I do think that might be the target over the next couple of weeks though,
as people are also starting to price and the possibility of an extension of OPEC production cuts.
