Speculative forces appear to be targeting higher values not seen since December of 2014. The surge in the commodity should be treated carefully by traders.
Dramatic Climb in U.S Crude Oil past Few Months
U.S Crude Oil has seen a dramatic climb in price over the past few months. The commodity is trading above 69.00 U.S Dollars a barrel and has broken through mid-term resistance with a bang.
Crude Oil has generated interest based on the belief the global economy is improving and steady demand. Speculators may be targeting the 70.00 Dollar juncture in the near term, while support looks reasonable around the 65.00 level.
Speculative Forces Driving Crude Oil Higher
U.S Crude Oil last traversed its current values in December of 2014. And when looking at a monthly chart, the obvious talking point becomes the 80.00 U.S Dollars ratio for investors.
However, there are no guarantees regarding U.S Crude Oil’s current trend. The commodity has certainly been embraced by speculative forces, but this may signal danger for traders who cannot withstand too much volatility.
In the short term, we believe U.S Crude Oil could be positive. The mid-term and Long term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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