1pm update - Oil remains set to push upward

Despite some weakness since last week, Oil remains on track for another significant push higher. Broader price structure remains a clear bull flag. As ever, the EIA oil report (due Wed' 10.30am) will be a key determinent.
First target is a daily close in the $45s.. then a snap to the 47/48s... which seem viable this Thursday.


USO' 60min

USO, daily

Summary

Little to add.

Oil looks set to break upward... WTIC @ the $50 threshold looks a reasonable target in the near term... whether it can keep on pushing into the 55s or even higher... difficult to say. The latter would likely need sp'2050/70s.. to have any chance.
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Even the cheerleaders on clown finance TV see it...

One of the guest (Jim Muriel, I believe), was noting a break above the flag would open up $57. There is a price gap zone around $55.. and I could see that.... before renewed downside.

*I continue to hold a micro USO-long position, and will hold into the FOMC.

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back at 2pm