Crude’s invincible run coming to an end?
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24 janv. 2022
Weaker global risk sentiment has seen even crude, the king of upside momentum struggling to hold onto its gains.
The uptrend line has been broken. The RSI is falling like a stone and eyeing the 58 level, previously resistance for price. Price has found some support at the $85.6 mark, which is near to its former high back in late October of last year. If that level breaks then the 21-day EMA will be an interesting point to watch. Below there $80 comes into play between the 21-day EMA and 50-day SMA. On the upside, I quite like $90 as an initial target. There is quite a sizable amount of call options at the $90, which could see a bit of a delta hedge squeeze higher. With the volatility playing out Crude is definitely one to keep on the radar.
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