The lockdown in China will hit demand for oil but with the market already disrupted by the Ukraine crisis and wide-ranging sanctions on Russian oil, the sell-off has opened the door to dip buyers. Get your market update from nickcawley1 here:
The daily price chart shows oil sticking to its multi-month upward trend. The 50-day simple moving average has provided support all year, and continues to do so, and hovers just above the $100/bbl. level. The ATR indicator shows that oil market volatility remains extreme and is at heightened levels last seen nearly two decades ago. Monday’s low at $106.20/bbl. will provide the first level of short term support before the 50-day sma kicks in at $102.30/bbl.
while the number of traders net-short is 18.75% higher than yesterday and 38.99% higher from last week.OilTraders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a
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