Oil is heading for $80
Light Crude Oil (CL) is showing bullish signs after the confirmation of an upside break of the long term downtrend line “K” at $73.
Now the contract is hitting the resistance of $76 where if it breaks to the upside then the space that can be stretched "unfortunately" goes up to $80.
Above that, inflation alarm bells will start to ring. It is a thorny element that can spoil the upward momentum of the markets since it will make central bankers more frugal in their decisions to further reduce interest rates.
For something to change here, the contract will have to declare a strong weakness of permeability at the level of $76 to $77.
Now the contract is hitting the resistance of $76 where if it breaks to the upside then the space that can be stretched "unfortunately" goes up to $80.
Above that, inflation alarm bells will start to ring. It is a thorny element that can spoil the upward momentum of the markets since it will make central bankers more frugal in their decisions to further reduce interest rates.
For something to change here, the contract will have to declare a strong weakness of permeability at the level of $76 to $77.
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