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|Posted on December 1, 2016 at 2:51 PM|
$43–$53. That has been the range of crude oil for the past four months, and it continues to be neutral within that range on an intermediate-term basis. The OPEC news has caused oil to rally in the short term, but if it fails to get through the ceiling of resistance in the $52–$53 area, we would expect it to roll back down to the lower end of the range once again. And so, for the oil bulls, we think it is important that this short-term strength carry through with a breakout over the next week or two. At this time, we would put the probability of a breakout at less than 50%. Many of the oil stocks have rallied on the recent optimism as a result of both the election and the OPEC meeting, which we believe makes a breakout in oil even more important to provide support to the Energy sector.
Categories: Chemical Update 2016