Possible Bullish Channel with Target of 55 by End of Year
1. Crude Fundamentals generally positive: lower inventories, no more planned Strategic Petroleum Reserve draws for 2017, growing consumption, OPEC/NOPEC limiting output, Shale funding drying up, Rig counts tapering, Saudi IPO, Venezuela sanctions, etc.
2. Crude may be entering medium term positive sentiment similar to Nov 2016 after Opec meeting.
3. Potential inflection point / reversal at 52
4. Channel trading range of $2 to $3.
2. Crude may be entering medium term positive sentiment similar to Nov 2016 after Opec meeting.
3. Potential inflection point / reversal at 52
4. Channel trading range of $2 to $3.
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