Crude oil is looking threatened. Why? Get the answer: Forex Trading
drops down below the 200-Day EMA. It’s a longer-term sell signal, but I don’t necessarily take trades based on this right away. Ultimately, the market is likely to continue seeing this as a “fade the rally” type of situation, because quite frankly not only do we have a global slowdown coming, but we also have a strong US dollar. That is an ugly mix for crude oil, and demand should continue to be a major issue.
The volume profile on my futures platform suggests that we are going to continue to see noise in that general vicinity, and therefore I think it’s likely that we will continue to see sellers at the first signs of trouble. It’s not until we break above the $95 level that I would take a rally seriously, and even then, I think it would be a bit of a stretch. The $80 level underneath should be massive, so if we can break down below their it’s likely that we could see a major falling out in this market. I don’t necessarily expect to see that happening easily, but it is something that is being threatened currently.
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