The oil price managed to move from the $86.00 level today, and we are now at the $88.80 level. MA20 and MA50 are now on a bullish star and are directing the price towards the $90.00 level. In the news yesterday, the EIA reported a major drop in oil inventories of over 7 million barrels. This kind of news should have had an immediate positive effect on the price, but the price increase has been postponed for today. We are currently consolidating around the $89.00 level. We need a positive consolidation and a move above the $90.00 level for a bullish option. At that level, we get additional support in the MA200 moving ... (full story)