NYMEX Crude Oil CL Consolidating Between $60 & $70

Looking at the free live oil chart and analyzing the price fluctuation, there seems to be a pattern forming.

The resistance floor level seems to be $60 and the top limit is about $70. So it seems to be consolidating the previous week.

There are rumors about the hedge funds being pulled out as we speak and because of the huge demand of US Dollar required to pay these hedge funds pull out....causing USD to go up.

This however may end once all the hedge funds are fully cashed out and may cause the subsequent drop in USD.

This can happen either in weeks or maximum within 12 months maximum according to the rumor.

But of course that will means the sudden spike in oil price if it's in USD and the price may be one of the largest spike ever.

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