WTI Crude Oil Trading in Same Consolidation Area:
Enter your emailAt this point, I am very leery about putting too much money into the market, because quite frankly it’s just so messy right now. market gapped lower to kick off Wednesday but then turned around to recapture the $100 level.
This is a microcosm of the volatility that we are seeing around the world, and I don’t think it gets any better anytime soon. The is at the $110 level, and that could be a target, but we would need to get above the previous uptrend line to even have that conversation. At this point, the $110 level looks to be the ceiling.On the other hand, if we were to break down below the black 200 day EMA on the chart, that opens up the possibility of a significant drop, perhaps down to the $90 level.
Keep in mind that the market is more likely than not going to pay close attention to production numbers and of course the US dollar. If the US dollar continues to climb, it’s very possible that will weigh upon this market as well. After all, the US dollar is like a wrecking ball for almost everything, crude oil included.
At this point, I am very leery about putting too much money into the market, because quite frankly it’s just so messy right now.Pay close attention to economic and inflation numbers, because if central banks around the world are going to have to tighten monetary policy, that is going to put a significant dent in the overall longer-term demand, because the economy will almost certainly go into a recession.
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