The market breaking above the recent high suggests that we are going to go looking to the $85 level.
The market breaking above the recent high does suggest that we are going to go looking to the $85 level. The $85 level is a large round figure and an area where we have seen a lot of noise previously. We also have the underneath where the 50-day EMA breaks above the and a lot of longer term are interested in that for more of a buy and hold market in general. I like the idea of taking advantage of cheap oil in this market. This is probably how we will be looking at this market for the next several months, as the market will continue to see a lot of demand over the next few months, due to travel season, etc.(Click on image to enlarge) BrentThe Brent market also fell only to turn right back around at the crucial $84.50 level the $84.50 level is an area that previously has been very important, and therefore I don’t think you can fight it. Ultimately, I like the idea of getting long, basically now, and trying to aim towards 90, but recognizing that we will have the occasional pullback. Those should continue to be buying opportunities and I will continue to look at them as such.(Click on image to enlarge)Keep in mind that does and therefore it should not be a huge surprise if we rally into the spring and summer. Beyond that, we also have plenty of geopolitical events that need to be paid close attention to as well that can also have a major influence on the price of oil. With all of that being the case, I would remain , but I also understand that will continue to be an issue at times.EUR/JPY Forecast: Euro Pulls Back Against Yen Via JawboningSP 500 Forecast: Continues To Show VolatilityS&P 500 Forecast: Seeing Sideways Action
