Enter your emailKeep in mind that there is a lot of “groupthink” on Wall Street so that should continue to push this market higher.market initially gapped higher on Monday, which was Martin Luther King Jr. Day in the United States.
This is a market that continues to see a lot of bullish pressure and I simply just do not see that changing anytime soon. That being said, the market is very likely to continue to see plenty of buyers underneath and I think that continues to be the main theme here.Underneath, I see the $80 level underneath offering quite a bit of support, as it has been important multiple times in the past and is a large, round, psychologically significant figure.
Even if we do get a significant breakdown, the reality is that the 50 day EMA down at the $76.42 level is starting to curl higher and will offer dynamic support. Hedge funds are piling into the crudemarkets, so I think we will continue to see a lot of that behavior going forward, simply because one of the few things that will perform in an inflationary environment is energy. With that in mind,
keep in mind that there is a lot of “groupthink” on Wall Street so that should continue to push this market higher. That does not necessarily mean that we will take off right away, and we are her stretched at the moment, so looking for value makes sense. Having said that, if we were to take off and break out to the upside, one would have to think this is more of a “buy-and-hold” type of situation.
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