Crude Oil Long terme expectations on a weeklly analysis
CL price is beyond the Tenkan Sen curve which describe a healthy move from the Bulls.
I see a retest of the 50% FIbonacci levels of the main weekly swing at 77.89 before a pullback.
OPEP seems involved to push the price higher according to some "voices", perhaps to maximise their profit margins and better pay the people working around the infrastructures.
Word demand is increasing and the oil companies have managed to optimise their cost.
The only problem is the lack of investments on new drilling project.
Future is not in oil and they know it...
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