The oil sizzles
If you like uptrends, you’re going to want to have a look at the oil chart. He has just made a series of lower and higher after reaching a low in mid-June.
Today, it is 84 cents, and threatening April’s high of $53.76.
There is still work to do if we can get above the April high, with levels of resistance that extends up to $55.24, but the image is looking intriguing.
The catalyst for the latest increase was a comment yesterday from a Saudi official to talk about the extension of the OPEC cuts.