Crude oil market continues to take off
Enter your emailI would try to trade as small as possible and add as the trade works out in your favor on the intraday charts.market rallied rather significantly on Friday to put the $90 level in the rearview mirror.
Because of this, it looks as if the market is ready to continue going much higher, perhaps reaching towards the $95 level. Short-term pullbacks will continue to find plenty of buying opportunities near the $90 level, and perhaps even lower than that. Other potential candidates for support would be the $87.50 level, the $85 level, and then the 50 day EMA.
I would try to trade as small as possible and add as the trade works out in your favor on the intraday charts. That being said, if we were to break down below the 50 day EMA, something that we will not see happen anytime soon, then I could be short of this market. With OPEC having a lot of trouble meeting quotas, I just do not see a scenario in which this will happen soon. The US dollar could strengthen and slow the descent down a bit, but that is about as bearish as I think you can possibly get at this point in time.
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