Crude Oil - A $50 Major And Technical Call
Crude oil is starting to look and feel like a sitting duck. After breaking below the bottom end of its two-and-a-half-month trading range on March 8, the price has found itself hovering between $47 and $49 per barrel on the nearby May NYMEX crude oil futures contract. It feels like it is only a matter of time until the price tests $45 and critical support down at $42.20, the November 15 continuous contract lows. Open interest, the number of open long and short positions on NYMEX futures, is up at 2.22 million contracts, close to a record high. There are plenty of long and short risk positions on board on the futures exchange, but the price has not been doing much since it decided to trade below $50 at the beginning of March. Back at the end of November 2016, the price of oil looked better than it had in a long time. OPEC declared a production cut for the first time in nine years, and the price responded by taking another leg higher after a nine-month rally and the price of the energy commodity had doubled in value. Right now, crude oil looks sick, and it feels like it wants to move lower. However, the price of the energy commodity has just come through a one-year period where every dip was a buying opportunity, and the price did nothing but make higher lows and higher highs.
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