Most commodities seem to be preparing for a bull-rally but oil has been on a run of its own since February, rising 18% (from $58 a barrel to just about $70). However, the $70 price level seems to indicate potential weakness in buy-side pressure and may lead to the start of what might be a serious bear play.
Its quite tough to call a top, so here is a picture of what I think the possible scenarios are:
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A bit more upside, but I think we are rising on very thin ice.
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If this current momentum holds, the top may be confirmed.