WTI CrudeOil Bounces Hard
Enter your emailI think the crude oil situation is going to come down to whatever it is we are focusing on for the moment. market has initially fallen during the trading session on Thursday, but has found support just above the $85 level, which of course has a certain amount of psychology attached to it. Furthermore, we have seen this area offer both support and resistance in the past, so it’s obviously an area of contention.
This would fly in the face of OPEC cutting 2 million barrels per day, which of course is something that it’s worth paying attention to.Looking at the technical analysis, you can make an argument for a bullish flag being formed, which of course the entire world will be paying close attention to. If we break above the 200-DayBreaking above the 200-Day EMA and firing off the bullish flag suggests that we could have a move to the $102 level, or so.
I think the crude oil situation is going to come down to whatever it is we are focusing on for the moment. Sometimes, we focus on the fact that there have been massive cuts to the supply, but at the same time, there are plenty of days out there that we are worried about the global slowing. T
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