The energy sector and crude oil is going beserk. There is just no other way to say it and it runs along the theme which I continue to talk about which is commodities and energy. As of this posting, we can see that crude oil is in the process of doing a retest of the mid 50 level first achieved in late 2004. Note also that the price of crude since early 2003 is rising upwards steadily on a trendline arc.
A little testing action is likely in the cards here on this revisit of the mid 50 level. If and when we do break 55, it could start to send the price higher with an even more persistent fashion. I am basing this statement on the rising arc trendline which usually leads to some type of blow off. Either way, it needs a bit more analysis. But for now, we clearly have a retest. Many energy shares themselves are literally exploding higher at this point and pushing higher in very strong uptrends. I will post a few of these charts shortly. What more can be said? Crude oil and the shares are on fire!