Oil has rallied vigorously year-to-date. It has closed higher 8 out of the past 10 months.
As we often state here at BullMarkets, “strength begets more strength”.
When oil goes up 8 out of the past 10 months (historically), it tends to go higher in the next 6-12 months.
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This study suggests that oil will probably reach $80 by the middle of 2019.
In the meantime, some short term weakness in oil is to be expected. Oil’s monthly RSI is getting close to overbought and it is approaching its 61.8% retracement (at $77).
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