Oil: $75 Is Noise. $100 Changes Everything

What now?

We laid out our oil thesis in mid-February in “The Oil Squeeze Setup Is Building.” Since then, crude has steadily pushed higher, and after the weekend headlines, it has exploded to the upside.

Technically, oil is now trading decisively above the former downtrend line and well above the 200-day moving average. First resistance sits near $76 (almost touched overnight), while initial support comes in around the $70 area.