We have been reporting on the bullishness of oil, and called the bull wedge breakout from $120 to $122 perfectly. It was able to break out from this level perfectly, and has reached $122.95, our target level, to the tick before retracing just above $120, where it is currently finding support. After the breakout it is likely to range at currently levels, between $120 and $122.95, but we have nothing fundamental to suggest anything other than a purely technical retracement, if that. If so, we should find strong support at $116. Otherwise, $126.50 is the next target if we can break out again.
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