Have we been crushed enough in crude?
Tuesday follow-up, March 28th 2023
Monday’s 5% one day up move in crude oil prices have certainly caused the “US$200 WTI” crowd to re-emerge from their parents’ basements! It certainly got this little 🐿️’s heart racing. An exciting move, but the chart has PLENTY of work still to do. WTI spot is still US$12/ bbl away from its 200-day SMA (purple line below) with a chunky volume profile (blue and yellow bars below) a few dollars above acting as firm potential resistance.