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WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Friday, as perhaps we have no idea what to do with ourselves. Looking at this chart, it is worth noting that we have failed to continue going higher at the previous support level, so it does suggest that perhaps we are going to continue to see a little bit of lackluster performance. If we can break above the $62.50 level, then it is possible that we could continue to go higher. To the downside, we could very well go looking towards the 50 day EMA, and quite frankly I think this is a scenario where we could see a lot of back and forth short-term scalping opportunities.
EU deja abierta la puerta a recibir demandas contra la OPEP
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Crude Oil Weekly Price Forecast – Crude Oil Markets Have Strong Week
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WTI Crude Oil
The West Texas Intermediate Crude Oil market has found itself to be very strong during the trading session on Wednesday as the inventory number showed that there was a significant drop in inventory. That of course is bullish for the commodity and the idea of the “reopening trade.” With that being the case, I think this is a market that will continue to try to grind higher, perhaps reaching towards the $65 level above. At that point, we have seen a lot of selling so it will be interesting to see how that plays out. Ultimately, the $60 level should now offer significant support in this market.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Thursday, as we continue to see a lot of questions about where we go next. That being said, the market is likely to continue to see a bit of a hesitation to make a move but looking at the uptrend line and the 50 day EMA converging just below the $60 level suggests that we are eventually going to see an explosive move as the market gets squeezed.
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If we break down below the uptrend line, then it is likely that the market could go looking towards the $54 level, perhaps even down to the $50 level. On the other hand, if we can turn around a break above the $62.50 level, then crude oil will continue to reach towards the $65 level.