depositphotos Pullbacks Could be OpportunitiesWith that, I think short-term pullbacks continue to be buying opportunities. It’s likely that the West Texas intermediate crude oil market goes looking to the $79.50 level. That’s basically where the 200 day EMA is hanging around. And therefore, I think you’ve got a situation where a lot of technical traders will be paying attention.The market is also going to have to deal with the fact that the overall demand picture is still a question as we have to wonder whether or not the markets are going to see enough demand. Is the economy slowing down? If it is, then we could get a situation where traders will look at this through the prism of perhaps a market that will maybe go sideways going forward or potentially break down, but it’s really not until we break down below the $69 level that I would be concerned. 
In general, I do think that eventually we try to sort things out, but right now it just looks like more chaos, which is all we’ve had in the markets as of late. I don’t see the oil market being any different than the other noisy markets that we have seen, and with this I am cautious about being “too big” in this market, as there are a lot of factors that will come into play when it comes to pricing the oil market.More By This Author:Gold Forecast: Continues To See BuyersPairs In Focus – Sunday, Aug. 25Natural Gas Forecast: Plummets After Inventory Numbers
