Near Term Trend: Neutral
Friday’s Close: $53.96 (+ $1.18)
UPDATE: NOTE: We rolled to the April contract.
During the last eight weeks, this market has remained overall bullish, but the double top at the $57.00 region stalled any further advancements. Since that time Oil has dipped on two major occasions to the key support level of $52.50.
Those two points are pivotal to the overall direction of this market during the next several months. A breakout above $57.00 should allow for a move toward $62.00 or higher. Below $52.00, and a downside objective near $47.50 is possible.