After a steep pullback, crude oil prices have reversed higher. I highlighted this bullish reversal in a research note here on See It Market last week.
With WTI Crude Oil getting close to our price target of $115.20, I wanted to provide an update with current thoughts.
Given the buildup in momentum, I think price will barely pause (if at all) at the MFU-4 target and head to the MFU-5 level of $127. I am still bullish on crude oil and energy stocks. In the article linked above, I shared our systems potential price target of $150 for XOP.
Crude Oil Chart
Twitter: @GuyCerundolo
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
