Strawberry Blonde's Market Summary: WTI Crude Oil Aiming for $65.00

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Sunday, November 05, 2017

WTI Crude Oil Aiming for $65.00

* See UPDATE below...

Further to my prediction at the end of July that WTI Crude Oil may reach $65.00 if it could reach and hold above the 55.00 level, this update will confirm that such a scenario is still a possibility, even though it's now three months later and we've seen a rise in volatility, as price has bounced around in a $10.00 range since then. As I write this post Sunday evening, it's finally hovering above 55.00.

As can be noted on the Monthly chart below, I'd say that a retest of the bearish (monthly) Moving Average Death Cross around 65.00 is imminent and that momentum currently favours the bulls -- particularly in light of the Saudi purge that is underway, as well as recent military activity that's occurring in that region -- and as illustrated by the recent bullish (daily) Moving Average Golden Cross that has formed on the Daily timeframe (see second chart below).