The “good news” for oil is that last week’s up-move exhibits bullish form from $34.12 to $38.28. If accurate, this means that after the current pullback runs its course, NYMEX Crude Oil should embark on another upleg that takes out $38.28 to challenge more extensive resistance at $39.00-$40.00.
Where will the pullback run its course? My optimal target buy zone is $36.20-$35.50.
Originally published on MPTrader.com by Mike Paulenoff.
