The Energy Report: Omicron Jumble – Investing.com

The Energy Report: Omicron Jumble – Investing.com

Someone pointed out that if you jumble the letters in Omicron, it spells moronic which in part explains some of the crazy moves in . The perfect combination of a lightened holiday trade along with fearful headlines surrounding this Omicron variant has caused oil to have the worst month of the year as fear has overtaken reality.

Of course, for oil, we have seen this story before, and we all know that fear is worse than reality. Oil tanked overnight but bounced from around the 200-day moving average which seems to be the last line of defense for oil bulls. If oil can reverse and close higher technically, we should have hit bottom, yet in a fear-based post-holiday trade do technical numbers matter?