Wednesday, January 4, 2012

$110 Crude Oil

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ITZ has for sometime now been bullish on WTI Oil, targeting $110 in early 2012. Today one of the indicators ITZ tracks the $WTIC:TLT ratio is up against the 0.87/0.88 level and the Commodity Index $CRB is as well hitting trend resistance. Breakout here and we should see crude oil run towards $110 in coming weeks. ITZ has favored using Proshares Ultra Crude ETF (UCO) & Direxion Energy Bull (ERX) to get a levered move on rising WTI oil.

 Below are followup charts to those posted a few weeks ago Previous Charts

Darren Wolfberg, BNP Paribas, discuss $110 crude oil.

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