The West Texas Intermediate CrudeOil market rallied during the Thursday session rather quickly, but as you can see has given back a huge portion of the gains.
By doing so, we are forming a bit of a shooting star that is preceded by a hammer. This typically means that you are going to try to form some type of consolidation area in the markets, so we may hang around this area for a while. This would make a certain amount of sense because quite frankly there are a lot of things going on that could cause major issues.
If we turn around a break down below the 50 Day EMA underneath, that could open up a move down to the uptrend line that I have marked on the chart. Breaking that uptrend line would be extraordinarily negative and would have the market free falling.There is a lot of questioning of the potential demand at this point, as the market has to worry about the idea of demand destruction due to a recession coming, perhaps even worries about whether markets can sustain the uptrend.
You can see that I have a couple of trendlines drawn on the chart, but quite frankly this is a market that looks as if it is compressing for a bigger move sooner or later.
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