Oil Targeting $55.00

by Ashraf Laidi

Mar 19, 2009 14:37

Oils break above its 100-day MA for the first time since August has further upside to garner as the momentum traders will be prompted by ample territory towards the $55.00-20 target. Todays most likely close about $50.30, is already validating the uptrend, while a close above $50.80 for the week should spell more definitive upside as it signals the top of the rising channel from the Feb 19 low. Integrating intermarket analysis into my underlying assessment for prolonged gains in risk appetite, the time element remains supportive, especially as this remains clearly a dollar-driven story.

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