My last deep dive note on oil was The Oil Conundrum, where I asked why we had not seen the catastrophic prices that all the experts were calling for? By breaking down my model and stress testing it, I helped clients avoid getting too bullish oil at a time when the model was telling us that the dynamics were not as dire as forecasted. It’s time to update the model and take a look at a variety of indicators and see where we are with crude.
From a charts perspective, we have been trading in line with key levels shown here, and just broke above the 87 level, which suggests 90-94 is next resistance. But let’s see what the model suggests after today’s EIA inventory data.
Comments
Nothing yet. Say the first thing.
Sign in to join the conversation.