Crude oil is breaking to a fresh new high
Enter your emailThis is a market that seems it needs some type of pullback in order to attract more momentum.market went back and forth on Tuesday but has given up some of the gains to show signs of exhaustion.
There was a drone attack in the United Arab Emirates which of course had the volatility spiking, but at the end of the day, it looks as if people are trying to come to grips with the idea that perhaps we have come too far in too short a time. Any pullback at this point should probably be thought of as a potential buying opportunity, but time will tell. If we can get that pullback, I think a lot of value hunters would come back into the picture.To the downside, I see the $82.
Ultimately, we could simply break above the top of the candlestick for the trading session on Tuesday, making this more of a parabolic move, but I would not like to be involved in that, especially as the candlestick for the day was more or less only slightly positive and did give back quite a bit of the gains.Either way, I will simply do what the market tells me, as per usual.
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