The West Texas Intermediate Crude Oil market rallied significantly to reach towards the 200-day EMA. The 200-day EMA attracts a lot of attention, and it is probably worth noting that the market had stopped there during the previous session. Crude oil was particularly vulnerable to hedge fund liquidation as it was one of the biggest positions a lot of them owned, so as fear of omicron took hold of market behavior, it was almost like a feedback loop. At this point, the market is likely to continue seeing plenty of value hunters though, especially as we are testing multiple areas of support. The first thing that catches ... (full story)