Crude oil is looking to finish 2016 on its highs for the year. Here’s where it’s going in 2017 and the important guideposts to keep on your radar.
After a pullback into mid-November, crude has been marching higher and the bias remains firmly bullish. There are supports established at 50.18 – 51.66 and 48.98 on any pullback and the bias will remain bullish while above these levels.
The next upside targets to look for as we head into 2017 are 56.50 and then 58.73 – 60.68. Look for crude oil to continue to work its way higher on its march to these next higher targets.