WTI Crude Oil Forecast: Slamming Around in Triangle

Enter your emailInflation tends to show up in energy rather quickly, so would not be a huge surprise to see this market rally and eventually break out.market fell initially on Monday to reach down to the 50-day EMA.

By doing so, it started to show that we are going to continue to pay close attention to this triangle that I have drawn, but I think it still has more of an upward bias to it at this juncture. Unfortunately, it is not just about supply and demand, but it is about rumors and speculation when it comes to headlines as well.As long as there is a war in Ukraine and the sanctions that come with Russian oil, it is going to cause a lot of headaches.

The Friday candlestick was the outlier in that situation, initially breaking through the triangle but giving back the gains to form a massive shooting star. While bearish, you can also make a strong argument that a lot of traders will not have wanted to carry risk heading into the weekend.

Furthermore, there is also the noise coming out of global demand. While the supply issues continue to be obvious, where people were not paying as much attention is the fact that some figures such as Chinese PMI have been falling through the floor. Yes, I realize they have a lockdown in China going on with a huge portion of the population, but that would only reiterate the demand slowdown argument. All you can do at this point is follow the charts.

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