Crude WTI still respecting Long Term Support

NYMEX:CL1!   Light Crude Oil Futures
Still respecting LT             support levels and is on course to close the month in a bullish engulfing candle. Lower term charts has sen Crude break out of its range. As long it stays above $54 then there is scope for more upside, potential towards $75 in the medium term.
I think it's worth considering the zero interest environment for the past 76 months has created the largest junk bond market for the energy industry. The financial impact of the US frackers who are heavily leveraged on the energy bond will be far greater than the previous crash when the interest rates are raised... (therefore, Fed won't raise the rates).
thx for update Good work
Many thxs, Like your charts too!! :-)
Technician PRO Legionnaire
thx.. you have a good eye in applying technical tools properly
Nice chart
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