WTIC Oil - holding at $100

WTIC Oil managed the first weekly close in the $100s since last December. Near term outlook is moderately bullish, to the 103/105 zone. Monthly charts have resistance in the 105/107 zone. It appears highly unlikely that Oil will manage to break and hold the $110s this spring.


*With the US markets closed, lets take a look at a few random bits and pieces across today.
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WTIC Oil, weekly

WTIC Oil, monthly'2, rainbow

Summary

Since the initial jump from the collapse wave lows of early 2009, Oil has traded in an increasingly tight range for over four years.

We have two clear break levels. To the upside, there is $110, whilst a downside break would be $80.

Sooner or later Oil is going to break, and unless you think global demand is going to collapse and/or increasing supply, the likely direction will surely be to the upside.

However, a test of the 2008 high of $147 does not look at all viable until mid 2015 at the earliest.

*I will note it will be 'interesting' to see Oil react if there is any conflict (however brief) in Asia this summer.
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more later in the day