Oil to retest 2018 highs again - $76.88

Oil continues to push higher and has broken out of the recent descending channel with strong momentum and indicators reset on the daily timeframe.

Should retest the 2018 highs (76.88) again shortly.

This time it may even break through and continue marching higher...

Looking at the weekly timeframe - if we do break through the 2018 high, I am thinking we will see oil push to $100-$105ish mark (2011-2014 highs) in the near future

Trade active:

I remain bullish

Comment:

Ding ding ding

Comment:

Still riding the daily channel up

But I'm also still watching for any reactions to last week's megaphone (top resistance turned support?) for clues for potential interim topping pattern