WTI CrudeOil Price Bounces After an Initial Plunge -
, which is near the $108 level. Breaking above that area could have the market challenging the $112 level. The $112 level is an area that I think would offer a bit of resistance as well, as it’s an area where we had broken down from. This is a market that I think will continue to be noisy regardless, especially as there are a lot of concerns as to where the global economy is heading.
On the other hand, we still have all of the nonsense coming out of Russia and Ukraine, and questions about supply. Beyond that, the Americans have crippled their own industry, so at this point, there are further concerns about supply.
Longer term, we need to make bigger decisions and I think it’s likely that we will eventually see a bigger move in one direction or another.
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