Will oil spoil the reflation party?

Thursday 3 October 2024

The Market Ear on oil positioning.

Oil and the channel

Oil has so far put in a double bottom, but note black gold remains trading inside the negative trend channel. We are closing in on the first resistance levels here, the upper part of the channel and the 50 day. $76 is a big level to watch.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.