Crude Oil Price Finds Bid After Huge Selloff Forex commodities oil
On the other hand, if we were to break down below the bottom of the candlestick for the trading session, then it could open up fresh selling as crude oil could go looking towards the $87.50 level, perhaps even down to the $85 level. The $85 level has been important more than once, so I think it is essentially the “floor in the market” as things stand right now.
The market will probably be just as noisy as the other ones, but at this point you cannot read too much into short-term moves. The longer-term trajectory of course is to the upside, so you do not want to try to short this market anytime soon. That being said, if we do break down below the $85 level, it might be open season on crude oil going forward. That seems to be very unlikely, but it is something that you need to be aware of.
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