There are many dynamics at play right now in commodities. in particular, WTI
USOIL
has seen a +60% rally over the past three to four months. In my opinion the bull market is not over but may be ready for a pause or even a pull back. A long term view shows price running up against resistance on the monthly chart. I do believe at some point this line will break but buying these highs would be too aggressive for me. A break and close above would be the signal that price wants to continue its move from $25. This move could make it's way to the upper extreme around $140. If a pull back occurs, I'll be watching for buy setups to form around $50 to $40 dollars.
USOIL
has seen a +60% rally over the past three to four months. In my opinion the bull market is not over but may be ready for a pause or even a pull back. A long term view shows price running up against resistance on the monthly chart. I do believe at some point this line will break but buying these highs would be too aggressive for me. A break and close above would be the signal that price wants to continue its move from $25. This move could make it's way to the upper extreme around $140. If a pull back occurs, I'll be watching for buy setups to form around $50 to $40 dollars.
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