As bull markets go, crude oil’s run looks nearly perfect. Higher highs, and higher lows have dispensed a price history in recent years of unusual clarity. A more perfect scenario for a bull could hardly be imagined.
As you can see from the chart below (courtesy of the Energy Information Administration, as are all subsequent charts posted), the last two years of oil pricing have been a model of bullish behavior from a technical analyst’s perspective. Every time a selloff arrived, it was but a temporary setback to even greater heights. Going long oil, in short, has so far been one of the great trades of the 21st century.
