Technical Assessment: Bullish in the Intermediate-Term

Crude oil continues to recover from the devastating bear market between February and March of 2020. The size of the current advance is surprising both fundamentalists and technicians. It seems no one saw this coming. In fact, certain business channel stars were once calling crude oil a dead asset. Despite an extremely overbought condition on both daily and weekly momentum indicators, prices keep making new recovery highs on almost a daily basis.

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