Crude oil WTI (West Texas Intermediate) contract rose to their highest settlement price in nearly four years on Monday, October 1, hitting the $75 per barrel level rising $2,05, or 2.8% per barrel, lifting energy stocks across the globe.
show, the price action has completed long-term Oil Rally $75.65 as projected on September 12 chart analysis, ramming thru weak Key Resistance $74.35. Currently, the commodity is in the process confirming significant Key Resistance priced at $75.45 which will validate the end of the rally and signified a pullback.
Any movement above newly created Key Resistance $75.45 as well as completed Oil Rally $75.65 could head towards expended Oil Rally $77.20 and $81.50 respectively. On the downside, the draw-down target to Mean Support $77.00 is likely as a first significant target.
In the meantime, the crude oil market seems to be ready for something huge. One can sense it. What better product than crude oil to deliver an epic parabolic price level surge and then crash and burn?