Further to my post of February 25, WTI Crude Oil took out price Target 2 (111.00-112.00) yesterday, after blowing through Target 1 (100.00) on Tuesday.
It was trading above that level at 113.44, and rising, at time of writing Wednesday evening, as shown on the monthly chart below. It's gone higher since, to 114.45 at time of publishing.
As I described in the above linked post, the "path of least resistance" is up (in fact, resistance is extremely thin above Target 2, as depicted on the TPO Profile of that chart), and Target 3 (147.27) is now in the crosshairs (to retest its prior all-time high).
Exactly how soon that may be hit remains to be seen, but the Buyers remain fully in control on this timeframe, as shown on the Balance of Power indicator.
Furthermore, until we see an extreme spike made on both the Momentum and ATR indicators, as well as the Balance of Power, Oil may not have topped out yet. (By the way, I've shown the input value of the ATR as one period to illustrate this more clearly...the other two indicators are shown in their default mode).
So, we may see Target 3 hit sometime this month...possibly sooner, rather than later.
