Quick update on West Texas Crude Oil (WTI). Not much change to my view here.
Crude Oil is currently sitting around $70/barrel after breaking out from a bullish ascending triangle.
As long as the breakout holds, we could see a measured move up toward the mid ‘70’s.
The oil stocks (XLE) have finally broken out of a sideways consolidation, and are finally confirming the strength in WTI.
The COT data remains extremely bearish, but the current setup has failed miserably for many, many months. Investor sentiment is fairly bullish, but still has room to get even more optimistic. The COT data for heating oil and gasoline, both byproducts of crude, are also bearish.
However, price is the final arbiter and right now, the chart is still bullish up to mid-$70’s.
WTI Crude Oil Price Chart
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