NYMEX:CL1! Light Crude Oil Futures
I think crude has overshot fair value and is now oversold. It is below the (ie Trading range) and is creeping upwards. I would make this call with more confidence should the crossover occur with more enthusiasm but I'm getting in before the market does. Of course the moving averages are against us, but if we see Europe start to gain just a little traction, I think oil could rise again quickly to about 85 -90.