TechnoMeter

The price of WTI Crude Oil has moved close to the opening range high of 2016 at $38.36. Looking at the global counterpart to WTI Crude Oil of ICE Brent Crude, it is up ~10% on the year after hitting 12+ year lows in early February. Now, on the back of weakening US Dollar, the metals, and energy markets are overwhelmingly in the positive for the year with Gold up nearly 20%.



Amazingly, the move higher in US Oil from 26.03 on February 11 is now within a whisper of the January 4 Opening Range high of $38.36 in less than a month’s worth of trading days. However, as you can see on the chart, this move may be the toughest yet for the Bullsto push through. Another component of the recent rally that many in the mainstreamare likely not aware of is the positioning change that is aligning with equities. Recently, there has been a new wave of speculative longs come into the market that has recently been absent that could extend this move higher still. The commitment of traders reports recently showed bullish positioning in ICE Brent Crude as the dominant new position being taken.

WTI Crude Oil Bull Rushes Into the 2016 Opening Range High of $38.36/bbl



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