Sep 20, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex)
As you can see during the trading session on Thursday, it was a positive session, breaking well above the $70 level and it now looks like we could threaten $72.50. That being said, I think the market is still trying to absorb what the Federal Reserve did the previous session, and what that might mean for risk appetite and growth going forward.
After all, cutting 50 basis points is not something that happens very often, so a lot of traders are a little bit confused. It probably drives up inflation, which could drive up the price of oil, but at the same time, it could work against
oil as well, because after all, if the economy slows down, and maybe the Federal Reserve is starting to see this be a thing, that works against the idea of global transportation and therefore demand of
crude oil picking up.
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We are in the midst of trying to somewhat bottom out and you can see that on longer term charts, we definitely bounce from an area that mattered in the form of roughly $65. So even if we are going to recover, it's probably more of a grinding higher process than anything else, the Market isn't for Shorting
At this point in time, I don't have any interest in shorting
crude oil. I just don't necessarily think that you want to jump in with both feet. I think short-term pullbacks continue to offer buying opportunities that a lot of people out there would be more than willing to take advantage of. After all, if we do see inflation, that generally follows through with commodity prices as well. Only time will tell at this is a being the case with the
crude oil market, but history does suggest that perhaps it will be. Ultimately, the market had gotten to such a low level that makes a certain amount of sense that we would see a turnaround and a potential bounds as has played out over the last several weeks.
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