Crude Oil – Buying continues in WTI Crude oil

Monthly: A reverse head & shoulders formation has been confirmed and price action is strong. The measured move target is near $85.00. The 50% fib retracement is currently capping the upward move.

Weekly: Prices remain contained within a bullish channel formation. There is no sign of the move higher slowing. Further upside is expected and dips to trend line support offer good buying opportunities.

Intraday (four-hours) – Price action has confirmed an extension higher from the bullish flag formation. The measured move target of this formation is $71.00-71.50. We look to set longs on a throw back to the flag top to target the 161.8% fib extension and the measured target.

Action:

We look to Buy at $66.50-67.00

Stop: Break back below $65.00

Targets: $70.00 & $71.00

UPDATE- Taking early profit at 66.75 (12:42 20/04/2018)