The oil price is looking buoyant today with both WTI Crude and Brent up 1% in this session so far. For oil longs, it’s much more positive with the breakout of WTI from its triangular price action and a strong move above the 50 Day Moving Average (DMA). Brent has mirrored the move, having already broken out earlier this week – its now comfortably above its 50 DMA too.
Could this be the start of the potential big move I was discussing in yesterday’s article? – We’ll have to wait and see, all eyes will be on tomorrows EIA Crude Oil Inventories report for further clues.
Author: Stuart Langelaan
