What’s Going On?, page-46

Read this excerpt from DailyFX this morning. Make of it what you will!

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Fundamental Forecast for USOIL: Bullish
Talking Points:

• The ONE Thing: Crude moved higher on a multitude of factors for the sixth straight week. The consecutive weekly gains is the longest stretch since 2011 as the market is seen as balanced thanks in part to OPEC production cuts alongside fears that Iranian sanctions could tighten the market further.
• By looking at the US energy market, you would never imagine that the global market continues to tighten. US production continues to grow and exports of crude and distillate are reaching records per the EIA helping the US earn the moniker, ‘Saudi America.’
• Per BHI, U.S. Oil Rig Count unchanged at 844 following six weeks of increases.
• The technical analysis picture of Crude Oil clearly shows price trading above multiple forms of support with momentum at its back. Key support can be found at the price range of the 9- & 26-day midpoint at $76.53-75.66/bbl. These components come from the indicator, Ichimoku.

Crude oil broke another technical barrier this week and further distanced its current performance against memories of the aggressive bear market of 2014-early 2016. In short, a banner week is in the books as Brent Crude broke $80/bbl and has risen by +18.5% Year-to-date, and research was recently published about the knock-off effects of $100/bbl oil. You would have a hard time arguing that a crash is imminent as the world is now considering how it will cope with Oil potentially moving 25% higher.

Lets see where this sends  BAS