Crude Oil Reaches The Target - What Next?

Mission accomplished as oil trades at a brand new high in 2017.
Fundamentals versus Technicals.
Fundamentals square measure still substantiative.
Technicals flash a positive and be-careful call at an equivalent time.

The world organization meeting is that the main event - Asian country prepares by cleansing house and tensions still flare within the geographic region.

Back on solstice once near NYMEX crude futures fell to lows of $42.05 per barrel, several analysts were job for even lower levels. I printed a piece on Seeking Alpha saying that market structure would doubtless take the value back to the $50 per barrel level.

Over the weeks and months that followed, I continued to clarify however market structure within the oil market amounts to items of a puzzle and once combined, told United States of America that the trail of effort for the energy goods was higher.

In Gregorian calendar month, when the value had rebounded to the $50 per barrel sweet spot, I wrote “I believe that each one signs purpose to a check of the $55.24 vital resistance purpose before the top of this year… a brand new high in 2017 isn't out of the question, and also the items of the puzzle still purpose to a challenge of the technical level on the side someday within the final quarter of this year.”
Crude oil is currently mercantilism higher than that January peak and at a brand new high for this year.

Mission accomplished as oil trades at a brand new high in 2017

On Friday, November 3, the value of December crude futures affected higher than technical resistance at the January highs sort of a hot knife through butter.

As the daily chart highlights, crude rallied higher than the $55.24 resistance level last Friday and it unbroken on going, reaching a high of $57.69 on November seven.

Since the solstice low at $42.05 on the near NYMEX derivative, the energy goods has been creating higher lows and better highs. the most recent rally that has taken crude to a brand new peak for 2017 has return from lows of $49.44 on the December contract on Gregorian calendar month 6.

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