Crude Oil Key Level 80

Crude Oil Prices Moving Up

Oil prices have bounced on Middle East Conflict.

On June 12th at 4:15 PM EDT, a few hours before the Middle East conflict, we posted in our chat, "On the dashboard USO is lighting up with 4/4 bullish. Many people have been bearish on USO so if correct there could be pile in here. I've been bullish along the way but citing tough techincals. In the last few weeks I cited that technicals held key short term levels. Now it's lighting up."

A few hours later there was a spike in Middle East conflict which broke crude oil out technically.

For Crude a slice above our current key medium term level 80, I think would mean upside to 110. That would be a big move.

I also still think many in the market are generally bearish or neutral on oil and so it's likely underowned which can make the risk/reward better, especially in the midst of Middle East conflict.

If oil prices do hold or move higher it also adds to inflation which is an added risk to bonds and stocks.

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