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Crude Oil Continues to Look for the Bottom
The light sweet crude oil market has fallen a bit during the trading session on Tuesday in the early hours as we continue to bounce around and look for the bottom. Right now I think it’s a bit early to start jumping in and trying to buy this market. Quite frankly, I think I would like to see some type of momentum to the upside, but it certainly looks like we are at least trying to stabilize in this overall region.
The $72.50 level above is a major barrier that we need to pay close attention to, and if we could break above that, then I think this is a market that is taking off to the upside. The 200 day EMA sits just below the $74 level, which of course is an area that I think you would be paying attention to as well. And anything above there almost certainly would send light sweet crude much higher. Underneath we have a massive amount of support and noise.
