Crude oil continues to grind. See what this means here: FOREX Commodities
Nonetheless, that’s almost always late, and looking at the most recent selloff over the last couple of months you certainly can see why people think that.Ultimately, I think you are looking for signs of exhaustion that you can start shorting again because if the world is in fact going into a global recession, it makes very little sense that we would see a lot of demand for crude oil.
Even if we break above there, the moving averages will more likely than not have me paying close attention to them as well, as I believe this is a market that has quite a bit of As a rule, volatility is negative for an asset, because there’s a lot of fear in owning it. If we turn around a break down below the $85 level, it opens a test of the Lowes again, perhaps moving down to the $80 level. It’s worth noting that the Americans have flat-out stated that they are willing to start buying oil again for the Strategic Petroleum Reserve near the $80 level, which is ridiculous considering they just dumped a ton of it into the marketplace. However, it does create a little bit of a floor, so that might be something worth paying attention to in the short term.
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