![\"\"](\"https:\/\/cdn.jeffclarktrader.com\/JMU\/images\/202304\/20230417-JMU-01_njr341%202.png\")
<\/p>\nOn April 2, the Organization of the Petroleum Exporting Countries (OPEC+) stunned markets…<\/p>\n
In the face of an inflation-ridden global economy, OPEC+ announced further oil production cuts of 1.16 million barrels a day.<\/p>\n
Immediately, oil surged on this news. Prices rose from $75.67 to $81.69, marking an incredible 8% increase.<\/p>\n
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.<\/p>\n
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.<\/p>\n
And if I’m correct, prices will even breach the major price level of $100 by summer.<\/p>\n
Let’s take a look at oil’s chart to see the pattern and short-term target I’ve identified…<\/p>\n
<\/p>\n
(Click here to expand image)<\/a><\/p>\n The blue trendlines on the chart highlight a falling wedge pattern. These patterns belong to a family of chart setups known as reversal patterns<\/em>.<\/p>\n 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).<\/p>\n <\/p>\n Free Trading Resources<\/strong><\/p>\n 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 \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/p><\/div>\n<\/div>\n <\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Despite this, I believe oil has ended a bear market cycle and is getting ready to march toward triple-digit prices once again.<\/p>\n 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.<\/p>\n Happy trading,<\/p>\n Imre Gams P.S. <\/strong>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…<\/p>\n 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.<\/p>\n On April 19, he’s holding a“Currencies in Crisis” Summit<\/a> 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<\/a>.<\/p>\n <\/p>\n\n\n
Analyst, Market Minute<\/em><\/p>\n