WTI Crude Oil
The WTI Crude Oil market has gone back and forth during the trading session on Thursday, as we have broken above the $50 level, but still remains underneath the 50 day EMA. That’s an area that of course will offer resistance that extends to the $55 level as well. A break above the $55 level should open up the door to much higher pricing, but I think in the short term we are looking at a small pullback, perhaps retesting the $50 level to find value. The 20 day EMA underneath should offer dynamic support at this point. If we break down below there, then we could see a return to the $45 handle.
Crude Oil Forecast Video 11.01.19
Brent markets had a bit of a choppy and sideways session during the day on Thursday, as we are hanging just below the 50 day EMA. The $60 level underneath should be support, such as the 20 day EMA will as well. However, at this point I think that if we break above the 50 day EMA, extensively the $62 handle, then I think that Brent could lead the way to much higher levels. $65 would be the next target, reached by the $70 level. By breaking above the downtrend line a few sessions ago, it shows signs that we are going to continue to go higher. I think at this point it’s likely that we have bottomed.
This article was originally posted on FX Empire
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