Friday brought a fresh daily long in crude targeting $61 within the next 9 days. This setup offers a solid 2.5R with a conservative stop, and is supported by a weaker near term outlook in the US$ as well as the recently agreed upon nine-month extension in OPEC/ally production cuts. A larger 13-month uptrend remains active into late next year, but with the intermediate weekly uptrend timer expiring next week I think we could see some profit-taking or a multi-week holding pattern after the $61 level is hit.
Comment:
Chopfest