Oil still looking bullish
We briefly traded at the 90 handle in yesterdays session in the crude oil market but it was shorted lived as sellers push the price back down. However, we only moved back lower in to the Point of Control at $87. This new value zone is a strong sign that the oil market is bullish as we consolidate at the upper bound of an extended bull run started back in December. Its only a matter of time before oil breaks out. Keys levels to the upside would be a clear break of the $90 and a daily closing candle above there. If we manage to get a squeeze lower, watch out 85.70 as support
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