Given all the problems in the world, it is easy to see why the increase in the price of crude oil has gone basically unnoticed or ignored.
Over the last year, the commodity has doubled in price. While that initial trend has tapered off, the technical indicators still favor a higher move for the black gold. As we stroll into the summers months (where crude oil tends to be at its peak), expect the debate of $100 oil to take off.
Based on the most recent trend, crude oil has hit the 62% Fibonacci retracement and now faces taking on the top at around $83.
Expect oil to create a new trading zone before eventually heading higher.
It is still too early to decide whether oil really has a fair chance of reaching $100, but, with the dollar still struggling and investors starting to look at oil as a safe haven, the price should continue to move higher.
