Oil Is Holding Its Ground Amid a Shaky Economy

Oil has ended a bear market cycle and is getting ready to march toward triple-digit prices once again… [Jeff Clark's Market Minute]( Oil Is Holding Its Ground Amid a Shaky Economy By Imre Gams, analyst, Market Minute On April 2, the Organization of the Petroleum Exporting Countries (OPEC+) stunned markets... In the face of an inflation-ridden global economy, OPEC+ announced further oil production cuts of 1.16 million barrels a day. Immediately, oil surged on this news. Prices rose from $75.67 to $81.69, marking an incredible 8% increase. It’s not uncommon for news-related market moves to quickly give back their gains. But oil has held its ground so far, and it’s now been several days since the OPEC+ announcement. In fact, my analysis shows me oil prices will likely go higher in the short-term. A bullish chart pattern I’ve been tracking is now complete. And if I’m correct, prices will even breach the major price level of $100 by summer. Recommended Link [How My ‘One-Stock’ Millionaire Dad is Helping Me Recover My -60% Account in 2023]( [image]( Grant Clark here, son of millionaire trader Jeff Clark. If you’re unfamiliar with him, he’s known for doubling his readers’ money 13 TIMES over the last year. He even predicted the 2008, 2020, and the 2022 crashes… Look, like many of you, I got into trading stocks last year – I was very confident. But long story short – I got sucked into listening to a crypto expert at a live event back in May. I invested… and soon after, I watched as my investment account plummeted -60%! I am finally sucking up my pride and I’m asking my millionaire dad for advice. He told me to get ready to roll the cameras… [Because he wants to turn my loss… into a rags-to-riches story.]( In short, he’s told me for the last three decades he’s used one secret to turn small investments into big money – all by IGNORING 99% of the entire stock market. [The EXACT secret of how he’s become a “One-Stock Millionaire.”]( [Click Here to Watch the Full Story.]( -- Let’s take a look at oil’s chart to see the pattern and short-term target I’ve identified... [(Click here to expand image)]( The blue trendlines on the chart highlight a falling wedge pattern. These patterns belong to a family of chart setups known as reversal patterns. Once a falling wedge completes, prices typically break out substantially higher. This falling wedge completed on April 12 when prices broke through my key level of $81.64 (red line). [Millionaire Trader Reveals: How to Make One “Backdoor” Currency Trade – Every Month – And Start Making All the Money You Need to Fund Your Retirement]( Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. My initial upside target for this pattern is the upper base of the wedge, which comes in at $92.50. Back in October 2022, crude oil reached this level and made a double top a month later. However, it was unable to break above $92.50 in November and instead broke down hard. Eventually, oil reached its March 2023 low of $66.93. But markets have long memories… the $92.50 price level should serve as stiff resistance. Then oil will likely pull back after reaching this target. Despite this, I believe oil has ended a bear market cycle and is getting ready to march toward triple-digit prices once again. Due to its high volatility, the crude oil market is always on my watchlist. As soon as I see the next development, I’ll make sure to keep you updated. Happy trading, Imre Gams Analyst, Market Minute P.S. Readers know I believe forex is one of the most exciting and profitable trading opportunities out there. I've been using it to help bring you regular gains since I launched my own currency service last year. That's why I want to put an upcoming event on your radar... My colleague Larry Benedict is another forex expert, and he's been operating in the currency market since the '80s. He's traded more than $500 billion worth of currencies over his career – including while running his hedge fund that went 20 years without a losing year. On April 19, he's holding a ["Currencies in Crisis" Summit]( to share his top way to trade forex right now. If you’re interested in learning from his experience, you can [RSVP to his summit for free right here](. READER MAILBAG What are your predictions for oil over the next five months? Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com. IN CASE YOU MISSED IT… [Bear Market Expert Reveals His #1 Stock for 2023]( “I went from the brink of bankruptcy to wealthy – thanks to one type of stock” [Get his top pick here.]( [image]( [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2023 Omnia Research, LLC. All rights reserved. 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