Crude oil has pressuring resistance- Get our analysis here:
Enter your emailI have no interest in trying to short this market until we break below the $100 level.market initially pulled back on Friday but then turned around to show signs of strength yet again.
We are now threatening the top of the shooting star from the previous session, and it looks like we are going to go higher. Ultimately, the $115 level would be a target, perhaps even the $120 level after that.Short-term pullbacks will continue to attract a lot of attention, especially as the $105 level has offered both support and resistance previously, and then after that, we have the 50-day EMA which is at the $101.66 level and rising.
However, if we break down below the 50-day EMA, the market is likely going to threaten the $100 level. If we break down below the $100 level, then $95 will be the next target. Ultimately, this is a market that I think will find plenty of interest going forward, despite the fact that the US dollar is so strong. Distillates continue to shrink as far as inventory is concerned, so petroleum prices will continue to rise as well.
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