The crudeoil market has gone back and forth during the trading session on Thursday, as we continue to try to figure out whether or not we have the demand for crude oil to lift price, and it’s also worth noting that we had tested the $100 level.
sits just below, and it does look as if it is trying to be a bit of support. At this point, the market is likely to continue to see back-and-forth action, trying to figure out where we are going next. Ultimately, this is a market that looks to be a bit confused, as we have to worry about whether or not there’s going to be enough demand, and of course supply issues have been a major problem as well.
Breaking down below the 200 Day EMA opens up the possibility of a move down to the $90 level, which was a major support level previously. If we can break down below the $90 level, then it opens up a trapdoor of negativity. Because of this, the market is likely to continue to see that area as important, so I think a lot of clients and CTA accounts would have to close out if we break through that region.with a sideways tilt, you’re probably better off leaving it alone.
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