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Crude oil is again trading above $50 on back of the recent airstrikes by Saudi Arabia on Yemen. So, should investors be buying this breakout?
Darren Wolfberg from BNP Paribas was on CNBC Thursday to answer that question.
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Have We Created A Floor?
"I think we are in the process of creating that floor," Wolfberg said. "We are in this range right now $44-54. I think if we get through $54 on the upside, I think $60 is going to be the next level on the cards, but we are almost through refinery maintenance."
He continued, "Once that's behind us we are going to start to see these inventories go down, you have seen the rig count come down significantly. So, right now I am tempted to say that we have seen the bottom, but you could see one more flush, but either way I don't think we are going to new lows."
Levels To Watch
Wolfberg was asked what are the levels that he is keenly watching on crude. He replied, "So, we are looking at the recent uptrend over the last few days, kind of that $48-50 levels [are] important levels for us, we break through there that would probably open up the bottom of the range, the $44 level. That said, again if we get through $52 and we get through $54, I think $60 is the next point."
"So, really we are watching those levels closely depending on how we trade, we are going to be adding positions or [changing] positions accordingly," Wolfberg concluded.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.