WTI Crude Oil Forecast October 8, 2020

from daily forex this is chris taking a look at the uh crude oil marking cwti has gapped a little bit lower and then basically did nothing so uh at this point it's very interesting we had a very bearish number so i think we continue to see a market that stays in this range and we're at the top of it so i fully anticipate that we'll get a little bit of a pullback if we get stimulus we may make a run towards the top here maybe 45

Possibly we could even talk about 50 but that would be if the us dollar falls apart i don't expect that to happen and the main reason is that you know the bearish inventory numbers continue to put a bit of a question into the validity of an oil rally plus this will be the fourth stimulus and demand is not picking up so any rally up here honestly i become even more bearish i think it's a better opportunity to short in the meantime i think we simply bounce

Around between say 37 and 41. um we're at 40 it's a large round number it'll attract a lot of attention i'm more apt to short than go long