WTI Crude Oil pulled back a bit during the session on Monday, in what would have been relatively little action.
In the United States, Martin Luther King Jr. Day was celebrated in the United States, which means that many of the big players were not involved in the market and, the futures markets closed a little early. I think at this point we are asking serious questions about the trend, and it can even be argued that we are perhaps trying to form an inverted head and shoulders.
In View of All Above:
- If we break above the $81.50 level, then I am going to go ahead and start buying.
- Can I guarantee this will work? Of course not, but I think that a rally to at least the 200 day EMA is quite reasonable.
- Whether or not we have actually seen the bottom in Crude Oil is an entirely different question, but one worth asking.
Alternatively, if we clear the candlesticks for the last two days, then it is possible that we go down to the $75 level, an area that a lot of people will pay close attention to. There is a lot of concern about global demand, which makes sense considering that China’s export numbers are dismal. And this is not an isolated case: both in the European Union and the United States, imports from China have plummeted. In addition, Chinese consumption itself has fallen dramatically, so it stands to reason that far less fuel is burned for transportation. Learn the most detailed daily analysis of WTI Crude Oil.
In short, all I am going to do is follow the evolution of prices and trade accordingly. After all, most of the world of trading en Forex Do you think the Federal Reserve is going to turn around sometime this year? even though the Federal Reserve swears and swears that it won’t.
Inflation is still out of control in the United States and there is no reason to think that they will change. However, betting against them turning has not worked lately, because the market is definitely leaning in one direction. In other words, the only thing that really matters is where prices are headed and not what things are supposed to do.
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