Oil IHS: Back to the 70s
Oil is at the bottom of a long down trend .As you can see on the chart, it is near the neckline. If oil does break the neckline, based purely on technicals it should get to 200 sma, around $70, or even to the descending white line that it rejected in 2013 and 2014 before the massive drop that we have seen in the last two years.
This puts PT 1 at approximately $70, and PT 2 at approximately $85.
This puts PT 1 at approximately $70, and PT 2 at approximately $85.
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