“All you need to know to understand crude oil!”
The stage is being set for a somewhat volatile summer in crude oil … the
back & forth over supply fears versus global oil demand weakening, is
showing no signs of letting up … with the collapse of the bogus China trade
deal, and OPEC+ meeting coming up, I don’t see any let up in the pace of
crude oil volatility. I only hope it can stay manageable during trading hours,
and the bid/offer spread can stay decent and not blow up.
Directly below, the 20 Day Range MA for WTI crude oil.
click on chart to enlarge
We’ve seen a good increase over these last weeks, and this week is probably
a dime to 15 cents higher than otherwise would be, if not for last Thursday’s
$4+ blowout range … still, anything over $1.50 is good for trading.
Tomorrow sees the new crude oil algorithm manual being released, most likely
in the late afternoon EST … onto the week at hand … and as everyone should
know, markets in the U.S. will be closed tomorrow for Memorial Day Holiday.
Until tomorrow mi amigos … Onward & Upward!!
Have a great rest of your Holiday weekend everybody!
-vegas
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