Crude oil is choppy ahead of OPEC- Get our analysis here:
Enter your emailI have no interest in shorting the oil market anytime soon, unless the fundamental underlying attitude and indicators change.market went back and forth on Wednesday as we are dancing around just below the $90 level.
We also have the OPEC meeting going on at the moment, and it makes sense that the markets are a bit skittish. That being said, there is a lot of support underneath, and it does make sense that we will see buyers jumping in, especially near the $85 level, as it has been a significant resistance previously.
Having said that, we are overextended, so a pullback would make sense. Beyond that, the market working off some of the froth is a healthy thing to do as it has been a shot straight up in the air since the beginning of the year. The market breaking above the $90 level would be a very strong sign, and I think at that point we will start to look at the $100 level as a target, something that I would anticipate seeing around June.
I have no interest in shorting the oil market anytime soon, unless the fundamental underlying attitude and indicators change.
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