Asset Watch
Saturday, January 6, 2024
Crude’s 50-hour MA is near $72, which closely aligns with the 200-week MA near $71. So, if the contract holds above the key levels, the outlook remains constructive, and a long position may be justified.
Traders also often price in seasonal demand ahead of time. While winter has just begun in many regions, warmer weather should boost crude demand in the months ahead, and the price should reflect that optimism as time passes.
Will crude see $80 before it sees $60, or does the recent bear market have more room to run?