On October 15 of this year, I wrote this post, where I discussed the idea that crude oil looked as bullish as it had in well over a year, at the top end of its trading range. While the post was met with some criticism here and in other parts of the web, crude oil has, indeed, consolidated in an orderly manner and is breaking out as we speak.
Below, you will see that this recent breakout is extremely bullish, and likely portends much higher prices. When a high and relatively tight consolidation resolves to the upside after price has lingered in a broad trading range for over a year, you would be severely misguided to ignore that development.
Just makes sense: QE2 => Lower USD => Higher Oil.
BTW, any word when Fly’s gonna release 12631 into the wild?
November 12 is the launch day, on iBC’s 3 year anniversary.
somebody was “on you” for predicting higher oil?
I do remember some Professor a year or so back that predicted oil to be in the $30 range by Christmas…
He figured we would be done with and have moved on to better sources of energy….hysterical…maybe some of Pelosi’s “fossiless fuel”
oil futures volume has increased bye 1/3rd over the past couple of weeks and although the price action looks bullish i won’t be convinced until we get a definitive close over 85 on high volume. the fundamentals are still awful ( highest inventory in over 30 years ) but on the other hand demand seems to be picking up via gas/distillates/heating stocks. i shorted the spike this morning over 85 but will cover if we get a bullish close.