Crude oil is looking vulnerable. How will this affect your trading?
, especially near the $95 level. The reason I state the $95 level is that it is not only at the top of the shorter range, but now we have the 50 and the 200-Day EMA indicators sitting in the same general vicinity. Now that the 50-Day EMA is starting to drift lower and possibly cross below the 200-Day EMA, the so-called “death cross” could be forming, which is also a little bit negative when it comes to the overall attitude of the market.
The first and most obvious one is going to be the fact that people are concerned about whether there is going to be enough demand to drive prices higher. After all, the market is likely called to suffer at the hands of a global recession, which is pending. OPEC is starting to threaten cutbacks, and a rejiggering of supply could cause a bit of a problem. Furthermore, it is possible that the Iranians may have the ability to put oil into the market if the nuclear deal is signed. If that’s the case, we could be looking at an extra million barrels a day. This obviously would have a negative effect on pricing.
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