There’s nothing on the crudeoil chart that tells me we should be shorting anytime soon.
Enter your emailThere’s nothing on this chart that tells me we should be shorting anytime soon.
Ultimately, if we do pull back from here, it’s likely that we will see buyers continue to look at any type of dip as value. After all, there are a lot of concerns when it comes to the supply of crude oil as China is starting to reopen as well.The $115 level is the top of the triangle that I have marked on the chart, and the fact that we broke above there is a very bullish sign
The 50 Day EMA sits at the $110 level and is rising. I think that will offer significant dynamic support, and I do not see the oil market dropping below there. If it does, then we may have to reevaluate some things, but right now there does not seem to be any hope of this market falling apart. In fact, when you look at the triangle, it suggests that we are going to go much higher, perhaps even to the $135 level, maybe even $140 given enough time and depending on where you measure the triangle.
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