Sell Crude Oil at US$120 ?

Many of us are baffled by the sudden rise in recent oil prices. When $100 oil was breached more than a month back, the world ridiculed the way it was orchestrated. 1 contract at $100 it came down back to the low $90s. Those people who laughed at $100 dollar oil being a fad should have their curve wiped off their face by now.

Now with oil touching $110, $120 seems like a near term possibility. The question is: Can the price of $120 dollar crude oil sustain ?

Natural laws of numbers pertaining to financial instruments often create natural resistances and support. A share which tests $0.885 often marks a move to $1.00 and successfully breaking above $1.05 often marks a test for $1.20. Nothing has been proven to such a pattern but often enough i noticed these. If a trade is out of the jurisdiction of fundamentals and technicals, what forms the basis? Numbers.

As such, i believe $120 is a possible resistance for the price of crude oil and with a 30% gain from its price of $90, i believe its a worthy short-term hold for SHORTS.