Crude Oil Bulls Remain Resilient Near YTD Highs
Just 1 month ago in mid November crude oil $CL_F was trading down around $42.50 at multi-month lows and threatening to break down further.
Since then, we’ve seen a powerful 20%+ rally breaking us to new YTD highs and above key prior resistance.
Charting $USO, we’ll lose some precision due to the ETF structure, but the resiliency of oil throughout the month of December can still easily be seen.
Most impressive, is this rally taking place in the face of a US Dollar which has ripped to new multi-year highs.
Bottom line, crude oils recent breakout bodes well going forward so long as the spot price holds above roughly $50 a barrel.
Thanks for reading and good luck out there.
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