I think at this point time, it’s almost impossible to short this market. Brent markets did the same thing, breaking above the $75.50 level, but gave that back. And now I think we will probably settle back a little bit and see what happens over the weekend. The weekend, if things escalate, then oil could continue to go higher. But quite frankly, even with the give back that we’ve seen at this point in time, we’re still up something like 8%. So, oil definitely bullish, oil definitely overextended.
Brent Technical Analysis
I think Brent is going to follow the light sweet crude market to the upside, mainly due to a whole plethora of things. It’s not just the Israeli airstrikes. But it’s also the fact that this time of year is typically bullish anyways, so with everything kind of pointing to the upside, that’s the direction I have to look, but I want to find a better price.
For a look at all of today’s economic events, check out our economic calendar.
