Crude Oil Forecast Today 13/03: Oil Stays Volatile (Chart)

(MENAFN- Daily Forex)

Crude oil continues to be a noisy market to say the least, as we continue to see massive swings in both directions. With this, position sizing will be important in order to keep the markets from blowing your account.

Crude oil continues to be very active during the trading session on Thursday as we’ve seen a couple of tankers hit in the Strait of Hormuz. That being said, I also recognize that there are a lot of headlines out there just waiting to happen and therefore you must be careful about how aggressive you get with any type of position, especially as we can see just how dangerous this market can be.

Ultimately, this is a market that I think still has plenty of buyers on dips that are willing to come into the picture and take advantage of what they believe are cheap barrels of oil. Over the longer term, I think that even if we drop down from here, there is plenty of support all the way down to the $88 level, maybe even the $78.50 level.

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With that being said, I think the market is likely to continue to be very difficult to hang onto, and position sizing is probably one of those scenarios that you have to keep in the back of your mind as being paramount. You do not want to get too big in the market right now because, quite frankly, you could have an errant headline that just sends things flying.

With that being the case, be cautious but recognize that we are in a situation that is very fluid but generally thought of as bullish. Therefore, I don’t have any interest in shorting. If I were to buy it, I would probably buy about 25% of my usual position size.

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