Following a $10 bounce, Oil is now a marginal trade
October 6, 2022 Leave a comment
Further to today’s note about Oil, OPEC and Oversold break-even inflation rates…….
This note told you,
…..when Oil hit my long-standing lower target of $77.50 (trading to $76.25 intra-day).
That was 7 trading sessions ago and it coincided within the Oversold weekly reading for the 5 year break-even inflation rate.
Oil has bounced $10 since then.
Today, Oil has a short term upward trend developing,
but its only a trend.
At $87, it’s in no-mans land.
It could go $13 up or $13 down.
With new money, it’s a marginal trade or position to take.
Following a couple weeks of trade, I’m betting that WTI Crude sees $74 before it sees $100.
October 6, 2022
by Rob Zdravevski
rob@karriasset.com.au
rob zdravevski's blog 