Crude Oil Shows Volatility Today
trading crude oil
at the moment, because there are so many wild fluctuations and what people are focusing on during any given day. On some days, it’s all about the fact that oil is being cut back, but on other days it’s all about the fact that nobody needs it. The market is extraordinarily volatile and erratic at the moment, so the fact that volatility has picked up makes our jobs much more difficult.
That being said, you could make an argument for a bit of a bullish flag trying to be formed, which if we break above the $90 level could be confirmed.sits just above there as well, which obviously causes people to pay attention as well. Also the US dollar is going to be a drag on the oil market, as there is generally a negative correlation, but there does not have to be.
Looking at this crude oil chart, it seems as if we are at an inflection point, so I would step back and let the market make an impulsive move to follow. I do believe that something is about to break in the financial system, it probably won’t have anything to do with oil directly, when things like that happen, everything moves, and sometimes not in the way you expect them to.
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