The crude oil has maintained a strong bullish momentum 2 weeks ago, printed a new support at the 102.66 levels. This development leaves the pair targeting the 109.30 levels where a breach is likely, If seen, it will target the 110.52 levels before flying towards the 114.80 levels, a halt is suggested around this level but a break will send the crude oil towards the 118.60 levels, furthermore will aim the 130.00 levels.
On the downside, to neutralize the upside offensively, the crude oil will have to hold below the 102.66 levels on a weekly closing basis, If seen, it would delay /invalid the last bullish run and flip bias to the downside for retesting the 92.70 levels.
Since the weekly (R%) – Williams is very bullish, the pair will remain strongly biased to the upside toward the 1150.00 levels and possible higher, only a clear break below 102.66 will invalid/ delay the last bullish run…
Note that the pair was rejected from 102.66 levels last week with bullish divergence on the daily chart, stability above the 105.60 levels on the daily chart will build a pressure on the 109.30 levels, below 106.62 would weaken the current bullish run for retesting 103.60 levels ahead of 102.66 levels.
Anyway, according to weekly %R crude oil is likely to end this year around 118.00 levels.