Crude oil Price Slices Through 50-Day EMA
Enter your emailI suspect that the $100 level will be the “line in the sand” when it comes to the overall trend. We sliced through the $110 level, and the. The size of the candlestick is rather brutal, and it suggests that we will have a further downside. Ultimately, I think this is a market that will find buyers eventually, so I’m waiting for signs of stabilization that I can take advantage of. I have no interest in shorting oil anytime soon because it has been so out of control.
Biden is going to the Middle East to beg for oil from the Saudi Arabian government, so there is the potential that has an effect on the market. However, I don’t necessarily think that Saudi Arabia feels the need to acquiesce, so at this point, I think it comes down to the need for demand destruction.
It is worth noting that gasoline demand has dropped in America, and that will catch some people’s attention. Ultimately, this is a market that will favor the upside, but we may have a little bit of a pullback ahead of us in order to find the support.As long as we can see above there, I think there is still a chance we see the highs again. If we break down below the $100 level, then I will reassess the entire situation.
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