fxstreet.com 16 Feb, 2021 07:15 am

Texas energy crisis deepens, but oil gives toppish signs

The rally in stock markets continue with bubble warnings popping up everywhere for all-size and all-industry stocks. The disconnect between price-to-e

But they throw a foundation to send asset prices quickly to the bottom once the dive begins: as the fear of a bubble burst is building stronger, the slightest sign of correction would get the bulls rushing to the exit and wreak havoc across the risk assets.We could see a deeper downside correction toward the $1800 per oz, but the rising fears of a potential equity bubble burst should keep the downside limited.Asia traded in the green despite news of a new lockdown in New Zealand’s Auckland.A downside correction could easily kick in and pull prices below the $55 per barrel, but should not damage the medium-term positive trend in oil prices.

But because the Texas boost in energy demand, and up to a million-barrel-drop in daily supply are temporary, levels above $60 look attractive to top-sellers.The EURUSD tests the 50-day moving average resistance to the upside, as Cable is about to hit the 1.

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