Upside Continuation Expected for Oil

Never a dull moment for NYMEX Oil, eh, with so many geopolitical crosscurrents, the latest being news of Iran dropping oil exports by 300,000 bpd.

Purely from a technical perspective, however, today's up-spike has the right look of a new up-move within the new up-leg that began after the March 15 low at 103.78.

The chart pattern from March 15 exhibits higher lows juxtaposed against horizontal highs at 108.20/25, which should be hurdled -- and if successful -- should trigger upside continuation to test the prior high at $110.55.