Oil Markets Find Buyers after Big Selloff
market has ended up forming a bit of a hammer, which of course is a bullish sign. It’s also during turning into a “double bottom”, which of course will attract a lot of attention. Breaking down below the double bottom is a very strong sign of negativity, and at that point could send this market much lower. In that scenario, we could really start to see the oil market unravel.
There are a lot of oil storage facilities in the European Union that are overflowing with crude oil, as the EU went out of its way to buy as much Russian oil as it could ahead of the Russian sanctions that come into play on December 5. Ultimately, this looks like a market that’s ready to bounce a bit and perhaps head back into the consolidation area. It’s possible that we are trying to form some type of new range, perhaps with the $75 level underneath as being major support, while the $90 level above could be major. There is a lot to consider over the next several months, as we begin to worry about the possibility of a complete global slowdown, which of course means that there will be a lot less demand.
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