WTI Crude starts an impulse higher

Feb 29

WTI recently took support at the 20dma near 74.80 and is now heading higher in wave iii, which can take it to 88$. The rally may not end there as we should develop a five-wave advance. Oil is the outlier in commodities and often manages late-stage rallies before deflationary trends kick in. Stay prepared for an oil price spike in the coming weeks which can impact inflation expectations.