Enter your emailI do believe that it is only a matter of time before we not only reach $90, but we may reach much higher levels than that as well.market gapped higher to kick off the trading session on Wednesday but then turned around to fill the gap.
At that point in time, the $85 level came into the picture and offered quite a bit of support. Keep in mind that there are both technical and fundamental reasons why this market is going higher. To begin with, we had the drone strike in the United Arab Emirates, but we also have had a pipeline break down in Iraq. In other words, in a market that was already struggling to keep up with production.
The market is a bit stretched, so I would love to see a pullback to at least the $85 level, which was the previous resistance and high. If we break down below there, then I would anticipate the $82.50 level and the $80 level both to offer a significant amount of support. I would not chase this trade here, although it clearly could go higher based upon the fact that we are trying to reach towards the highs of the day in order to close the market.