This is the fifth buy signal I have had since the daily chart changed to up at the end of March. Crude oil has also been trading above the 9-period moving average that I consider that a super trend. Support is at $58.50 and resistance is at $61.40 on the June contract.
The weekly chart had a changed to the upside last week and has consistently been making higher lows since the bottom. So, as long as $56.07 holds this trend should continue. The weekly chart below suggests that crude should continue this trend for at least several more weeks. I have resistance at $60.50, $65.00 and $69.00. Although the trend is still down on the monthly chart my research has a King's Cross indicator counter trend buy signal that should eventually get crude to $80. Only a new contract low would negate this.
• Buy signals on the daily chart
• Daily chart has been super trending
• Weekly chart continues to trend up and trend has changed to up
• Monthly chart has King's Cross buy signal
• Global quantitative easing keeping demand up
• Reduced shall production
• Conflict in Yemen