OIL HAS PROBABLY BOTTOMED
Oil tested the 10 DMA and has bounced violently today. I’m about 99% convinced the intermediate cycle low is complete. Oil should reach $70-$80 during the second half of this year.
When the energy stocks break out of their 3 1/2 month consolidation box this will be where the next big trending move will occur. Miners have already delivered a monster move. Now it’s time to look at another sector for a bit.
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