The "good news" for oil is that last week's up-move exhibits bullish form from $34.12 to $38.28, which if accurate, means that after the current pullback runs its course, oil should embark on another up-leg that takes out $38.28 to challenge more extensive resistance at $39.00-$40.00.
Where Will The Pullback Run Its Course?
- My optimal target buy zone is $36.20-$35.50.