Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Market Update
Crude Oil on the Launch Pad?
January 11, 2021 - (Gold Market Wire) - As difficult as it seems to surmise: was that really the pullback, yesterday, in the Crude Oil market? Truly, one would have expected something more protracted, but the Crude market continues to surprise, time and time again, with its short-term ability to regain its footing and move ever higher. We were tilting towards taking some of the profit in our length, but the overnight action out of Asia, no doubt buoyed by the latest North Korean missile test, and the increasing tension between Russia and the USA are keeping things firm.
Our chart formation is slightly unusual. The power uptrend is gone - no doubt:
...but that trend line, which extends far back, is becoming a base, it would seem:
So, we hold on to all length, and as contrary to our usual trading practice, are even considering adding more length here. That is certainly an anomaly, but Crude Oil is starting to break the rules... and that only happens when a serious bull market is in the making.
Are we at that juncture? Increasingly, we believe we are.