Post by
smallcaptdr on Apr 20, 2023 3:31pm
Oil is writing new support levels...
In the past, we knew where support levels were but since OPEC stepped in with cuts the market is rethinking how Oil is reacting. It's been one heck of a ride from $64 to $83.50 so it was just a matter of time before it backtracked. Oil at $77- has been a $6.50 fallback which has been a big chunk even if you take into consideration that Oil traded at $80 for a week before heading higher so $77- Oil I feel that traders are looking at it like us its fallen enough. Just watching today trading in Oil saw no big swings lower now we'll have to wait to see what overseas does and the US is leaving them with Oil over $77. Today saw small moves higher throughout so we'll see if Oil builds a new support level or fall back to the old. I would rather see small moves higher vs big moves lower. This correction will recover now that investors know what's coming down the road and when it does turn there are already bullish drivers from China's growth to the Oil market tightening. We'll know tomorrow.
Comment by
SmokeyOB on Apr 20, 2023 4:20pm
I really hope you are correct that oil is finding support.
Comment by
Mattyboy19 on Apr 20, 2023 4:29pm
He's not. He changes his narrative everyday he's a complete clown