Oil tested the $70 support and is on its way to the 261% fibonacci extension.
More resistance is ahead at $79 as shown on the weekly chart, in form of the 38.2% fibonacci retrace. Notice that the weekly RSI on the weekly is extremely bullish, almost at 70. This could mean higher DJIA and eur/usd.
More resistance is ahead at $79 as shown on the weekly chart, in form of the 38.2% fibonacci retrace. Notice that the weekly RSI on the weekly is extremely bullish, almost at 70. This could mean higher DJIA and eur/usd.
Also the oil inventories are down from last month, meaning consumption is up.
A price above $70 is very important for the economy, it means projects such as tar sand will be profitable again and they might be looking to start-up again after last year's massive lay-offs, this means jobs! Oil companies might invest in drillers again, jobs!
A price above $70 is very important for the economy, it means projects such as tar sand will be profitable again and they might be looking to start-up again after last year's massive lay-offs, this means jobs! Oil companies might invest in drillers again, jobs!
Transportation will take a hit though.
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