A 5 min look @ West Texas Intermediate Oil Tonight (USO)
NOTICE The interesting trading as CL pushed through the APEX of the wedge.. BELOW
|1 min CL|
As August concludes crude leaves us with a lot of mis directed anxiety.. What i mean by this the last two weeks of this month crude has wild intraday moves but when the fat lady rings her bell crude the price ends up where she started.
Today we started @ 88.71 .. traded down to 87.66 then up to 89.54 then back down to under 88.71.. A lot of huff and puff for nothing.. You can thank margin squeeze for this anomaly.
When you mess the contract liquidity of a commodity which is the lifeblood of the world economy you get moves like we are seeing.. Despite a lack of real supply/demand shifts crude is as volatile as ever.
As for the chart below you can see we have followed a solid trend (MIRRORING the equity index’s) from 79.38 up to the high we put in today of 89.54…. the rectangular shape you see is quite interesting. .. 88 needs to hold..
|30 min CL|