Crude Oil ~ Weekly
I posted this weekly crude oil futures chart last week, but it is more meaningful today given the events in Iran over the weekend. Historically, these types of events haven't been great times to buy oil because the market generally prices risk in advance, and it often overshoots. But once the dust settles, oil often rolls over relatively hard. I believe there is a good chance we repeat this pattern. After all, the market has put at least $13.00 per barrel, and probably closer to $20.00, as a risk premium to account for this relatively telegraphed event. If the bear market is going to persist, prices should be rejected around the 200-week moving average ($76.00), or lower. Let's see what happens on the open. #crudeoil #oil #Iran #EnergyMarkets #war