Crude oil is testing the 50-Day EMA again
This is an indicator that a lot of people will follow, so does make a certain amount of sense that we pull back a bit by the end of the session.In that environment, I do think that we have more negativity ahead of us than positivity, and every time we do rally, I’d be looking for an opportunity to short-foil. This will be the case for a while, as the global economy starts to slow down.
This is especially true with the Chinese economy and its pandemic problems. The reopening of trade in China ended up being a reopening on its people, so therefore I think we’ve got a situation where the demand in China will continue to wane, and then the course will hurt markets. However, the physical markets are constrained abed, so there is a little bit of a “push/pull” type of dynamic.
In fact, I suspect that it’s not till we get the jobs to report in early January that the full volume of the market comes back, so you should trade cautiously between now and then. It is worth noting that we are no longer a term downtrend, so do keep that in mind. It’s all things being equal, I expect a “fade the rally” type of environment.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What to know about Boxing Day—also known as St. Stephen's Day and Wren DayCelebrated on December 26, this British holiday was likely inspired by one of several charitable traditions. Here’s how Boxing Day got its name—and how it’s celebrated around the world
Read more »
WTI Price Analysis: Oil rises nearly 2.0% as bulls attack 50-EMAWTI crude oil buyers keep the reins as they poke the 50-Exponential Moving Average (EMA) to refresh a three-week high around $80.90 during early Tuesd
Read more »
Brent Crude Oil to plummet toward $80 in Q4 2023 – Danske BankEconomists at Danske Bank expect Brent Crude Oil to trade lower in the next year. The price could fall as low as $80 in the fourth quarter. A rebound
Read more »
It's time to seize the day in 2023So in case you may have missed it, today is the day after that day, Dec. 25, that everyone knows as The Day.
Read more »
NFL Christmas Day: Bucs Escape Again, Packers Alive, Broncos’ New LowThe Buccaneers pulled off another improbable comeback, the Broncos found a new low and the Packers stayed alive mitchgoldich on the takeaways from the NFL's Christmas Day slate ↓
Read more »