3 oil charts we are watching

Oil - will it?

Oil managed "fooling" a lot of people during the early August move lower. It has surged over the past 2 weeks and is approaching the upper part of the huge range. A close above the $88 level and things risk becoming very "dynamic". Note that the 50 day has crossed the 200 day (golden cross). A possible break out post such big consolidation can result in extreme moves.