Oil is sizzling
If you like uptrends, you’re going to want to have look at the oil chart. It’s been making a series of higher lows and higher highs after bottoming in mid-June.
Today it’s up 84-cents and threatening April’s high of $53.76.
There is still some work to do if it can get above the April high, with resistance levels stretching up to $55.24 but the picture is looking intriguing.
The catalyst for the latest gain was a comment yesterday from a Saudi official talking about extending the OPEC cuts.