On the upside, the $85 level has been resistance, so we’ll see if that holds. But right now, we’re in the middle of it, so it’s just a mess.
Brent looks very much the same as it is in the middle of its consolidation area, currently hanging around the $87 level. This is a market that I think, given enough time, probably looks at this through the prism of buying on the dip, but that’s going to be closer to either the 50 day EMA or the $84.50 level.
Again, Brent is going to have the same problem WTI crude oil has, and that is that simply it’s based on the latest rumor drama headline, false headline, you name it. The $90 level above continues to be in the ceiling. While I am bullish longer term I buy dips. I don’t jump in with both feet.
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