09 October 2016 at 18:48 GMT
OILUKCont and some caution is warranted. $53 is an obstacle and if price should be able to continue higher towards and to $66 any time soon this level obviously has to be cleared. It is a bit of a wait and see situation. The trend is pointing higher but the chart is screaming for a correction, ideally all the way down to $40 from where longs can be applies once again. A daily close above $53 alters the story and $66 might be upon us sooner than we/I think.