Oil’s Bullish Signals Show Saudi Arabia’s $80 Goal Within Reach

While $80 oil seemed in the clouds just a year ago, it now looks primed for capture.Technical indicators show that the price Saudi Arabia is said to be aiming for may be within reach, with global benchmark Brent crude already near $74 a barrel. While futures in London have broken past the 50 percent Fibonacci retracement of the slump from when they were above $100 in mid-2014, another signal shows the rally could persist to the line just under $82.Recent corrections in Brent have shown prices hit a speed bump only when the reading on its Relative Strength Index climbs to 75, well past the usual overbought signal of 70. With that measure now at about 68, it points to continued support for crude on its way up. Read more https://www.bloomberg.com/news/articles/2018-04-19/oil-s-bullish-signals-show-saudi-arabia-s-80-goal-within-reach