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Oil Futures Chart Looking Promising

In the chart above of the Oil Futures, I am seeing some promising signs that crude oil will firm in price as we move into year-end.

The bollinger bands are starting to narrow (notice the flattening of the blue boundary line in the top graph) and the commodity channel index is moving up. What we really want to see is the green line cross the red, and that should happen IF the futures continue to firm up.

Looking at the Chart, it seems like we should rally into the $80 or $85 range (just extend the red upper boundary of the bollinger band to the right along its trajectory and it and the blue price line should meet around $80 or $85).

This will provide for some firming up of stock prices that we all want to see.

Have a great weekend!

mb