Crude Oil has been on a steep sell-off for the last few months but there are now signs that things are turning around a touch.
We’ve broken higher over the last couple of sessions and things are starting to take a more bullish tone.
Late yesterday, we got a look at the API data and it did come in-line with expectations – more or less. Which we then assume will translate over to the official number.
The reality is that the sell-off was just a blip on the radar from what is a far longer-term uptrend. In fact, we’ve rallied from under $30 not all that long ago.
So we must be aware of the longer-term fundamental picture.
The Technical Picture
With that in mind, my next clear target becomes $70. We are currently around $69.
The round number levels are providing the support and resistance at the moment and I have been suggesting that $70 will be a roof in price for the calendar year.
Although the little bounce has caught many a little by surprise.