The West Texas Intermediate Crude Oil market initially tried to rally on Tuesday but gave back gains as we started to see more negativity around the world.
Enter your emailAt this point, we have not broken out of the triangle, so I believe all traits have to be thought of as more or less a potential range-bound type of situation.market initially tried to rally on Tuesday but gave back gains as we started to see more negativity around the world.market has been bouncing around in a triangle for a while, so it does make a certain amount of sense that we continue to test both sides of it.
It is worth noting that we broke below the 50-day EMA, but it is not the first time that we have since we have formed the triangle. In other words, although it is a negative turn of events, it is not necessarily one that I am overly concerned with. The market will continue to be one that is very noisy, due to the fact that there are so many confusing and conflicting inputs.
The market breaking above the highs of the trading session on Tuesday would be a very bullish sign, perhaps opening up the possibility of a move back to the $110 level, which coincides with the downtrend line above. At this point, we have not broken out of the triangle, so I believe all traits have to be thought of as more or less a potential range-bound type of situation.
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