WTI CrudeOil Price Breaks Through Major Trend Line oilprice Oilprices oiltrading commodities
, which have been breaking down. The noisy behavior of the market has finally given way to volatility, and I think it’s only a matter of time before we break down low there. If we do break below the $95 level, then it will kick off massive selling.
If the US dollar continues to strengthen quite drastically, it’s likely that we will see the crude oil market fall. Ultimately, I think rallies are to be sold into until we break above the $110 level, which is also where the 50-day EMA sits. That’s where we started the day on Tuesday, which looks pretty far away. Ultimately, I think short-term rallies will continue to be sold into at the first signs of exhaustion, and I think thatare probably what you want to focus on.
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