EIA Weekly Status Buy Signal

When Crude inventories are the highest they have ever been in 80 years,  the EIA issues another unexpectedly bearish inventory report, and the crude market is basically unchanged, the message is clear; Buy!


click to enlarge

A break high on the day will likely take out the 50% retrace point, giving the bulls momentum and a test of the highs at 54. 90 comes into play.

Comments

Popular posts from this blog

WTI Update- a 4 Handle Future?

Biden Climate Plan and Global GDP

Crude Oil Update