It’s a good time to take an updated look at oil, because the paradoxes we observed regarding gold and silver, which we looked at in yesterday’s new Gold and Silver Market updates are much more extreme in the case of oil.On the latest 5-year chart for Light Crude we see that oil has in recent weeks succeeding in breaking out of its giant Head-and-Shoulders base pattern at last. We also see that volume has expanded greatly over the past 2 years which is viewed as a sign of a completing bottom. Recent strong upside volume has driven both volume indicators to new highs, despite the price still being way below its 2013 highs – this is viewed as a very bullish sign, and suggests that oil will advance at least to the $80 area.
Clive Maund: Oil Market UpdateShare on Facebook Tweet on Twitter
Posted by Clive Maund Maund
on Monday, 20 November 2017 05:58