Jan. 15 at 3:22 PM
$FANG $PR $UCO $USO
WTI
Crude Oil Technical Analysis
The crude oil market has pulled back a bit during the trading session here on Thursday as we broke below the
$60 level. The 50-day EMA sits just below where we are right now, and a lot of this is driven by the fact that Donald Trump has suggested that perhaps the situation in Iran is calming down, and maybe there won’t be airstrikes or military action.
Whether or not that’s true remains to be seen, but the markets certainly are reading that into it, and we are starting to focus on the supply and demand situation where there’s far too much supply for demand. That is something that I was looking to trade, and of course, it has happened. Whether or not it continues to the downside remains, but I think the
$55 level ends up being a very important floor.
