Still uptrending, Crude is reaching higher value areas discussed back on Monday´s post.
Currently retracing from current highs a tad above $98.10, trading at $97.76 as I am writing this poost (10:12AM, ET)
Although somewhat overextended (again, algos have provided sell signals in shorter term intervals) and working with the idea of crude establishing new highs. First target is $98.30 (early Feb. highs), fowllowed by a much broader a complex value area $99.50-$98.50, which will put close to the magic $100/bbl mark.
However, I don´t think this will be achieved as easy as it sounds/reads. A retracement might be in the cards near this area. The first area I will be looking at is $97.70-$97.40, specifically $97.60, followed by $97.10-$96.60, particulary $96.95, which will make it my line in the sand for holding the current uptrend (at least short term).
If breached, thta will bring it to $95.70-$95.30, followed by $95.-