The OPEC oil agreement has been holding oil tight.
Daily SMA formations are bullish
Watch for breakout long
The Intermediate view conflicting
- (Bull signal) Trend long is showing repeated tests into Resistance at $54
- (Bull signal) Reactions off $54 Resistance are becoming less pronounced
- Breakout above $54 would Target $55 and then the Price band level at $61
- (Bear signal) Examination shows a declining Trade Volume Index yet consolidating price
Ruling Reason:
1) Long is the dominate trend
2) Watch for breakout above $54 with $55 target
3) Watch for OPEC meeting in May
4) Watch the daily supply/demand bases for intraday targets
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