Tomorrow begins the new month of May. Will you trade the crudeoil ? Get our forecast:
Enter your emailI do have more of an upward bias, but I also recognize that things can change in a flash.
It is worth noting that the uptrend line of the triangle is still very much intact, so you should pay close attention to it. It is as if the market is trying to determine whether or not the demand is going to overwhelm supply or vice versa. After all, there are a lot of moving pieces when it comes to the global economy at the moment.It is worth noting that we are just above the $100 level, and that of course has a certain amount of psychology attached to it.
If the market takes out the $110 level, it is very likely that we will have a significant amount of momentum building up for the buyers, and therefore could allow the market to go looking towards the recent highs, which is closer to the $130 level.
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