Crude Oil Update ~ Daily
Here is the updated oil chart. $105 resistance held; was that a blow-off top? We will probably know by next week. If it breaks above $105, the door opens to much higher levels ($120 to $125), or maybe a price squeeze that resembles 2020 in reverse and drives the nail in the coffin. If we break below $93.00, the bears are back in control, with $72.00 as a target. Oil always finds a way to leak into the marketplace; I still think $40 oil will be seen as early as 2027, but that doesn't mean we can't see a grand finale to the bull market. If you are trading oil, I suggest avoiding the front-month contract; that is where the majority of the squeeze risk is going into contract expiration. P.S. Calling me a moron, lunatic, idiot, etc. doesn't faze me...after 20+ years in this business, I am dead inside. Don't waste your breath or energy. Good luck trading :) #oil #crudeoil #crude #wti #energies $USO