Crude Oil market rallied significantly Friday to break above the $100 level initially but has turned around to show signs of exhaustion. Trading Commodities
Enter your emailShort-term range-bound trading systems are probably what’s going to work out for the most part as long as attitudes stay the same.It turned around to show signs of exhaustion, suggestingThe market has to worry about multiple things at the same time, not the least of which would be the fact that the United States has entered a recession. This should drive down demand, which will have a lot of negativity flowing into this market.
The alternate narrative at the moment though is that the supply is lower than people are comfortable with. The idea is that perhaps OPEC will keep supply low enough to make the price rise.
suggests that we are likely to see a certain amount of negative pressure. If we were to break above the previous uptrend line, then could see something really take off to the inside. However, I don’t think it’s likely that will happen very easily. I think more likely than not we are going to have to trade up from a short-term type of perspective.
Short-term range-bound trading systems are probably what’s going to work out for the most part as long as attitudes stay the same.
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