NYMEX:CL1! Light Crude Oil Futures
In what can only be described as a 'blow-off-top' Crude oil prices surged past our long standing price pattern objective (101.62) to finish the day well above 102. As the colored arrows indicate have been satisfied. Coincidentally, our very reliable Willy21 is flashing a 'stupid overbought' condition and our indicator is suggesting a momentum divergence. Put it all together and my upside enthusiasm is very limited. Yes we may move higher over the coming sessions but I for one shall be watching for some sort of consolidation first.