Crude Oil mean reversion
As expected previously, Crude Oil prices did a spike higher (blow off top) and in the past week started a mean reversion, a really mean mean reversion.
Expecting support to be about 93 where the daily 55EMA is met, and also possible to spike down below 90 this week, or early next week.
Support ranges are marked out in yellow boxes.
While this is some relief, at least to stoking long term inflation, it also appears that the ripple effects would be widespread and more lasting. In any case, Crude Oil, Energy sector will be experiencing a lot of volatility over the next months...
NOTE: it is a rather interesting time where all asset classes appear to be cpitulating with Gold and Oil going down fast and the Index futures still pushing down with momentum.
Expecting support to be about 93 where the daily 55EMA is met, and also possible to spike down below 90 this week, or early next week.
Support ranges are marked out in yellow boxes.
While this is some relief, at least to stoking long term inflation, it also appears that the ripple effects would be widespread and more lasting. In any case, Crude Oil, Energy sector will be experiencing a lot of volatility over the next months...
NOTE: it is a rather interesting time where all asset classes appear to be cpitulating with Gold and Oil going down fast and the Index futures still pushing down with momentum.
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