And so, Crude spiked, and well above 100 as expected.
This defying feat was not quite aligned to the weekly technical indicators, I must say. Nonetheless, the weekly candle itself had bullish lower tails and ended the week near the top. So, appears to continue spiking... perhaps above USD120, at least.
The daily chart is rather interesting to me... on Mon, it was resting on a support and did look like it was going to continue the slide, having broken the 55EMA. Then the next three days totally about turned and started spiking. In doing so, it broke out of a trendline (or triangle), and the projections for the upside target is about USD140, at the end of April, or as we turn into May. (green arrow trajectories)
Technicals for the daily chart are now turning upwards and bullish in support as well.
Technicals aside, this spike and continued bullish momentum correlates to a somewhat expected jolt in global geopolitical tensions that would affect energy supply, and hence prices... especially over the Easter weekend, or just after.
This defying feat was not quite aligned to the weekly technical indicators, I must say. Nonetheless, the weekly candle itself had bullish lower tails and ended the week near the top. So, appears to continue spiking... perhaps above USD120, at least.
The daily chart is rather interesting to me... on Mon, it was resting on a support and did look like it was going to continue the slide, having broken the 55EMA. Then the next three days totally about turned and started spiking. In doing so, it broke out of a trendline (or triangle), and the projections for the upside target is about USD140, at the end of April, or as we turn into May. (green arrow trajectories)
Technicals for the daily chart are now turning upwards and bullish in support as well.
Technicals aside, this spike and continued bullish momentum correlates to a somewhat expected jolt in global geopolitical tensions that would affect energy supply, and hence prices... especially over the Easter weekend, or just after.
