Dollar strength not a problem
The price action in oil today is impressive, even for a bull like me.
On the break of the January highs, I noted that the measured target of the break was $56 and it looked like ti was topping right around there yesterday and today.
There was a quick slump down to $55.30 and it looked like a deeper correction was in the cards. Instead, it's roared right back to a new one-year high at $56.37 in the fourth day of gains.
If it can continue blowing through $56, then there isn't much standing in the way of $66; a level that seemed unthinkable a few months ago.
