Oil prices surged more than 85% off the November low with the rally now testing resistance at yearly highs. Here are the levels that matter on the WTI technical chart.
Manufacturing activity fell right in line with expectations and Services activity rose to its highest level since March of 2015, demonstrating the resilience of the US economy.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil - US Crude-bearish contrarian trading bias.