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Crude Oil Probing for Support

From dailyforex.com

The West Texas Intermediate Crude Oil market has been very noisy on Thursday as we await inventory figures. At this point, we are most certainly pressuring the downside and the major trend line that I have marked on the chart. This is because there are so many different moving pieces right now that the oil market does not know exactly what to do. One of the biggest struggles in this market is the fact that the economy appears to be slowing down. Ultimately, the market is likely to react to this because demand should drop. However, there are a lot of questions as to the supply, but the rate of change right now in the ... (full story)

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  • Category: Technical Analysis