Oil completed its correction in the past two weeks. New highs around 119.30 should be the next upside target if the price can manage to breakout 115 line.
Based on the time cycle, Oil should be in a last stage push but that stage could last a long time.
There is lots of activity by speculators around the expected seasonal increase in demand.
Current major support is around the 107.50 line. As long as price stays above this support level, 119.30 remains the upside target until mid-June.
This is an excerpt from the Naturus weekly Market Preview. To see the full document, visit http://naturus.com
Oil Daily chart
