Oil is moving up very fast
Yesterday everything opened higher, but today everything is stuck. S&P500 is still below 1370 points, Eurusd is moving in a range around 1.3 level.
On the WTI oil situation is different. Yesterday WTI opened above resistance at 103$ and now continue to move up. From Fibonacci extension we can draw some possible target for price: the nearest one is 118% extension, but in the long term it is possible that oil can reach 138% extension line. It was in a range for a few months (since October) and now we have a strong breakout from yesterday.
The only problem with Oil is as always the speed of the move and its explosive nature. You have to take your position early, because later there is only a strong move up (or down in a downtrend).
Right now I look at oil and gold chart. Prices are going up. Probably it will help SP500 and eurusd – we will see.
Also Brent is now above resistance. In that situation my all targets from previous posts about oil are actual. On Brent target is at 126$.