Oil Upside Target Price: Here Is What The Charts Say

By Gareth Soloway of In the Money Stocks

President & Chief Market Strategist at IntheMoneyStocks • Feb 8, 2021 at 3:00 PM EST

The oil upside target price can be clearly seen on the chart by looking at major pivot tops going back years. There is a consistent theme of high pivots at $64/bbl on crude oil.

The commodity oil has continued to surge higher. Let’s not forgot back in April 2020, oil was -$40/bbl. Oil is now hovering just below $58/bbl. This amazing move has been driven by the re-opening trade as well as the continued Fed and U.S. government stimulus (inflation trade). The oil upside target price can be clearly seen on the chart by looking at major pivot tops going back years. There is a consistent theme of high pivots at $64/bbl on crude oil. This leads chartists to believe that $64 will be the maximum upside oil will see in the near-term before a significant pullback.

(Click on image to enlarge)

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