Anna Coulling | Oct 06, 2013 12:21AM ET
Indeed, with the increasingly well developed volume at price congestion regions now building overhead, the short term outlook for oil remains bearish, and for any recovery higher to be sustained, will need to be associated with strong and rising volume. The response to Wednesday’s wide spread up candle was muted, with the market opening gapped down Friday morning. It is perhaps a sign of the unpredictable times that Wednesday’s oil stats, which registered a big build in inventories, saw oil spike higher.
Even the events in Syria seem to have lost their impact, and with virtually all markets now pausing and waiting for an agreement on the debt ceiling, the revised NFP and the ongoing Fed taper decision, all we can hope for is ‘normal service’ to be resumed at some point soon.
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