Moreover it was closing above the 10 again. That means to me that oil is so strong that it might not test back the breakout level at 34.26... It seems to me that last week we just had a pullback again and the rally will continue.
I'm quite sure that this week we will attack again the 200 and price finally will break through it.
If we break through the 200 , the 200 will turn up and we can make the official call that the oil is over.
Things are happening in the markets are exactly what warned you a few weeks ago :
OIL , stocks, indexes are going higher and higher because all the central banks are printing money and this money is going into the commodity sector and int the stocks market. So these markets are not suitable for short yet. Don't be one of the top callers' victims.
These markets are not going to go down for a while....
I will monitorize oil in the following weeks. There is a high chance that we won't get a daily cycle low ( a decent correction) for weeks or months. We might go up to 60$ with similar pullbacks we had last week Thursday - Friday....
I will also post an oil / energy portfolio which I will update daily.
With the weakening USD gold is not going higher but oil is falling ( based on USD weakening gold and oil should soar...)
In the middle of the currency war you cannot use the USD to predict the direction of commodities.
I dont watch fundamentals because I dont have a trustworthy source ....