Oil price has capacity to shrug of pullbacks

Amid speculation that crude oil has reached a top after its multi-year highs were interrupted by two January pullbacks, technical analyst Gregory Harmon, CMT, contends it is capable of further ascent. He points out that the two recent pullbacks were promptly reversed and the asset’s relative strength indicator continues to hold, which suggests a new high is still attainable. (MarketBrief)


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