Crude Oil has been on a bit of a rally in recent times and it looks like we are seeing a bit more strength in early Asian trade.
Oil has jumped more than 0.5% on the back of some overnight weakness. Energy stocks continue to be busy, however, it isn’t rubbing off on the AUD/USD or USD/CAD at all.
Yesterday, we saw a big build in oil inventories that was larger than anticipated. The move appears to have been shrugged off by traders.
I always say that strength on the back of bad news means we will get upside.
The Technical Picture
With that in mind my next clear target becomes $75. We are currently around $72.50.
The round number levels are providing the support and resistance as they always do in Crude so I feel that price is getting sucked towards $75.
We keep making higher lows on the grind up, so look to be buying any pullbacks here.
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