Oil Poised for Vertical Assault?

Crude Oil-- from a longer term perspective is bumping up against resistance in the vicinity of $71-$72. If there is no downside reversal from in and around current levels, amid a glaring non-confirmation of recent strength from $63 to $71.29, then we should consider that Oil is poised for a vertical assault-- an upside blow-off type of move-- that will conclude its Feb. 2016 recovery rally period. Such a scenario will point Oil towards a confrontation with its 10 year down trendline, which currently cuts across the price axis in the vicinity of $78.00.

Only a break below $68.00 will begin to compromise the upside blow-off scenario... MJP

5 09 18 Weekly Oil Noon GIF
5 09 18 Weekly Oil Noon GIF
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