In a strong bullish move, oil possibly formed a Tower Bottom. If the combo is confirmed tomorrow, oil could continue a mini rally and test the 100 weekly MA one more time.
As a reminder, in November, oil moved below the 100 weekly MA – last time it did so at the beginning of 2020.
The long term chart remains the same since September and nothing warrants a change yet.
A minor adjustment to the mid term path. Mid Term Chart below (premium content).
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A bigger picture and perspectives were discussed in Weekly Analysis on Jan 7th:
Yearly Analysis – Jan 1st:
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