What we’ve seen today and over the course of this week is signaling that we may have put in the blowout low in the oil price. We’ve been focused on whether this pattern was like 1986 or 1998.
The current action makes it look much more like 1998, and if that is the case then we should be putting in the low here. And if one looks back historically, it would be quite credible that we could see the oil price surge back to the $62.50 level and possibly even higher if we break decisively above that level.
Oddly enough, this pattern looks very similar to what we saw back in 1998. Both the weekly and the monthly moving average setups that we see today are very similar to what we saw back then.
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