Oil has staged the relief rally predicted in the last Oil Market update posted early in March. Our original target was the $70 - $80 area, but due to the time it has taken to get to the current level, the target is now lowered to the current level or a shade higher. The reason for this is that the slower rate of ascent than expected has allowed the 200-day moving average to drop down further, so that it is now in the low $60`s and still dropping quite steeply and it is rare for the price of anything to push far past a falling 200-day moving average before it reacts back again. (more)
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