WTI Crude Oil Forecast: Gives Up the Opening Surge

You can see that I have a channel drawn on the chart that we jumped over earlier, and now it looks like we’re trying to bounce back into it. West Texas Intermediate Crude Oil The crude oil market initially rose on Thursday but gave back gains and formed a less attractive candlestick. By doing this we have formed a shooting star from the previous downtrend line and it seems to me that we are ready to go down. A break below the low of the week opens the possibility of a descent to the $80 level. Advertisement Take advantage of today’s crude oil movement Trade now This is a very interesting market right now as the recent OPEC production cut of 2 million barrels per day appears to have had little effect. That shows how worried people are about the world economy because the world economy runs on crude oil. The point, of course, is that when there’s a lot of economic activity, there’s a lot of shipping and transportation, which of course requires a lot of crude oil. Waiting for a „Fade the Rally” situation Now that we have broken the 50-day EMA, this suggests that we will continue to see more „fade the rally” type situations, at least in the near term. deadline However, if it breaks above the 50-day EMA, it will move higher in this market. With this move, I would look for Crude Oil to the 200-day EMA, which is around $92. On the downside, we might consider a move to $80 if we continue to see a lot of negativity. You see, I have a channel drawn on the map that we jumped over earlier and now it looks like we’re going to try to jump into it. If so, we should still see a lot of negativity, but it has to be said that oil has been completely crushed in recent months. If there is a lot of fear, it will be difficult for oil to get longer term supply. If you read my analysis yesterday, you know that I talked about the possibility of going sideways, and this candlestick suggests that we will not go higher based on price action, at least in the near term.

Steve Walker

Learn More →

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.