Crude Oil Price Talking Points:
- It’s been a busy two month stretch in Crude Oil prices after a bullish trend turned in late-April/early-May[1]. Sellers remained in-control until early-June; with last week bringing a strong bullish move on the heels of the FOMC[2] rate decision.
- The big question now is whether Oil bulls are back for good or whether this flare of strength was simply a corrective move in a larger down-trend? Given Crude Oil’s hold at a key resistance level, there could be motive to work with either side of the market right now, each of which is looked at below.
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Crude Oil Prices Catch Support After May Tumble
It’s been a riveting two months in Crude Oil[9] markets. While Oil prices had spent much of the prior five months in varying forms of rally, sellers showed-up in late-April[10] and continued to drive price action[11] through the month of May. As looked at coming into June, which bearish breakout potential permeated the backdrop and in the early-portion of the month[12], prices plummeted down to a fresh four-month-lows, soon
