WTI Crude Oil (current price: $48.85)
Oil is quickly getting close to the possible target zone that we pointed out in our recent reports near between $49.30 and $50. Yesterday’s encouraging session means that the commodity has now risen by more than $20 since the bottom in February. The staggering 65% rise means that oil is well into overbought territory, but the re-test of the October highs near $51.25 might be in the cards before a meaningful correction can unfold.
Our assessment: Oil is still trading in a strong short-term uptrend, and the move is likely to continue during the next few sessions. Traders should expect heightened volatility around the widely watched $50 level.
