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Any bounce at this point will more likely than not offer another selling opportunity unless of course we were to do something along the lines of breaking above a 50-Day EMA indicator which should offer significant resistance.plunged again during the trading session on Tuesday as we continue to see a lot of negativities around the world.
After all, it looks as if there is going to be a lack of demand due to a recession, and that, of course, is going to cause some issues with pricing. Furthermore, OPEC chose not to cut back on production recently, so therefore it’s likely that we will continue to see oil struggle overall.We are approaching an area where you would expect to see a certain amount of support. The market breaking through that support will end up being a negative situation, opening the possibility of the crude oil market dropping down to the $70 level. The $72.50 level is a minor support level between here and there, so I would anticipate a little bit of noise.