I'm Still Bullish Oil

www.investing.com/analysis/i'm-still-bullish-oil-200175120

By Mike Paulenoff | Feb 08, 2017 01:58PM ET

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It's remarkable that oil has managed to hold its Jan.-Feb. Coil Support Line in the aftermath of two huge builds in the inventory data.

However that said, I keep thinking that Saudi Arabia (and OPEC) are under the market on every $2-$3 decline to preserve the integrity of "The Agreement" and also to support prices into the Saudi Aramco public offering later this year.

Whether or not there's any truth to my suspicions, the fact remains that for the time being, the high-level Coil-Digestion Formation remains intact and viable. And as long as that is the case, the overall setup in oil is bullish, in a holding pattern awaiting upside continuation to $56 and then to $61.

Only a reversal and break below $51.22-$50.71 support will wreck the set-up.

4-Hour Crude Oil

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Central Banks

Interest Rates

Next Meeting

FED

4.50%

Mar 19, 2025

ECB

2.65%

Mar 06, 2025

BOE

4.50%

Mar 20, 2025

SNB

0.50%

Mar 20, 2025

RBA

4.10%

Apr 01, 2025

BOC

3.00%

Mar 12, 2025

RBNZ

3.75%

Apr 09, 2025

BOJ

0.50%

Mar 19, 2025

CBR

21.00%

Mar 21, 2025

RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

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I'm Still Bullish Oil

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