January 12, 2025
Trend: Short-term = Neutral; Long-term = Bullish
- Oil tested its key support level in the 65.00-67.00 range for the 5th time four weeks ago
- Has rallied nicely, breaking out of our near-term target of 74.00 & closed 76.57 on Friday
- A push to 79.00 is likely
- 79.00 would be a strong resistance level & we suspect that unless there is more escalation in Ukraine or Middle East, which there could be, oil is unlikely to be able to break through the 77.00 resistance level in the near-term
We like energy going forward.
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