The West Texas Intermediate Crude Oil market fell quite sharply in the Wednesday trading session after cutting the $75 level, now it looks like we are trying to come back lower. The overall long-term bearish is well in play, so we still believe there will be sellers if this market rallies. The 50-day EMA provided major resistance near the $80 level, so it makes sense that we pulled back from where we are now. Advertisement See why oil is one of the most popular commodities. TRADE Oil NOW Crude oil markets must deal with a lack of demand worldwide as the global economy slows. This has been a major topic recently and is why the average Bradley continues to sell. If we break below the bottom, it looks like the $70 level will collapse, bringing this market down a lot. There is a lot of psychology involved in the $70 level, so don’t be surprised to see a huge fight in that general vicinity. But we break down there, it can open a huge change for the bad. Ultimately, I think that’s a scenario where we’re very concerned about global demand because we’ve seen a lot of slowdown over the last year, so that should call for a reduction in oil. to use Whether or not we continue to move much lower is another question entirely, but right now it certainly seems like we’re seeing more noisy behavior than anything else. The minutes of the , FOMC meeting will be released late tonight, and if it looks like the Fed will remain exceptionally tight, demand for crude oil will likely continue to decline. We also have the jobs number on Friday, which will provide an indication of whether or not the Fed will have to continue its very tight monetary policy. It’s usually only when we’re well past the 50-day EMA that I even begin to question whether we can go long. Even then, I should see many other fundamental reasons to move.