Despite the bearish oil report, and the significant headwind imposed by the stronger US$, the price of $WTIC closed firmly higher, breaking resistance charted around the 50-day moving average. Momentum indicators are starting to curl high after briefly rolling over in the month of February. A break above the February high around $54 would confirm a higher short-term low charted in recent days, providing a strong first step towards a series of higher-highs and higher-lows.
030515 CGI Morning Market Commentary & Charts