WTI CrudeOil Pulls Back After Initial Surge Higher
Enter your emailUltimately, it is very likely that we will see this market go looking towards the $100 level before it is all said and done.
That being said, the market is still very bullish and therefore you need to look at it through the prism of being bullish and strong. With this being the case, the market is one that I am going to be very hesitant to jump “all in” right away, but I think pullbacks should offer plenty of buying opportunities as we are in a strong uptrend.I think the $85 level would be an area that has been resistance previously, and therefore it is likely that we are going to see that as potential support.
All things been equal, this is a market that I think continues to see plenty of upward momentum, based upon the idea of OPEC struggling to fulfill its quotas, and of course the fact that we have a major reopening trade going on. . After all, we have a lot of concerns out there when it comes to financial markets and of course the Federal Reserve tightening. This has put a bit of a turbocharge into the US dollar, which of course the contract itself is priced in.
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