WTI CrudeOil Forecast: Price Runs into Exhaustion Be cautious about your position size, but clearly this is a one-way trade at the moment and at least that part of the equation is taken care of for you.
, but clearly this is a one-way trade at the moment and at least that part of the equation is taken care of for you.market rose on Tuesday, but then gave back the gains rather quickly.
This should not be a huge surprise due to the fact that we had gone straight up in the air and simply got ahead of ourselves. Now that people are no longer worried about the omicron variant, a lot of short covering had happened. Now I will be hoping for some type of pullback that I can take advantage of as value in what I think is going to be a market that goes higher.The 50 day EMA sits right at the $74.15 level, and I think at that point there would be a certain amount of support.
To the upside, the $80 level as one target, but I think eventually we're going to try to get to the $85 level. The omicron variant is no longer threatening themarket, so now it is all about whether or not we are going to have a massive reopening trade. As far as selling is concerned, I have no interest whatsoever in trying to do so, at least until we break down below the 200 day EMA at the very least, which is at the $69.56 level.
The US dollar falling could also be a big influence as well, so pay attention to that as it can cause a bit of a tailwind.
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