Further to my prediction at the end of July that WTI Crude Oil may reach $65.00 if it could reach and hold above the 55.00 level, this update will confirm that such a scenario is still a possibility, even though it's now three months later and we've seen a rise in volatility, as price has bounced around in a $10.00 range since then. As I write this post on Sunday evening, it's finally hovering above 55.00.
As can be noted on the Monthly chart below, I'd say that a retest of the bearish (monthly) Moving Average Death Cross around 65.00 is imminent and that momentum currently favours the bulls—particularly in light of the Saudi purge that is underway, as well as recent military activity that's occurring in that region—and as illustrated by the recent bullish (daily) Moving Average Golden Cross that has formed on the Daily timeframe (see second chart below).
