Oil Has Its Biggest Day In Quite Some Time
Simit Patel | Feb 01, 2015 12:45AM ET
WTI crude oil rallied $3.61 from open to close this past Friday -- the largest open to close differential on WTI oil in long time. I took a quick look at the WTI chart of oil and went back a few years, and didn't see a day with a differential this large. If you know when was the last time oil rallied more than $3.61 from open to close in a single day, please feel free to let us know.
The chart below illustrates the move. Technically, a move of this strength suggests the start of a potential rally, in my opinion -- something confirmed by the range-bound trading we have been seeing over the past week, which suggests price may be consolidating after finding a near-term bottom.
Below is the chart of oil. What do you think?
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