WTI Crude Oil Forecast: Touches the 50-Day EMA

Right now I’m not hesitant to buy, but I’m much more aggressive in selling because of exhaustion. , West Texas Intermediate crude traded slightly lower in Thursday’s trading, touching the 50-day EMA. The market looks pretty healthy in the near term, but we still have to worry about the general attitude of traders. After all, one of the biggest problems facing oil right now is that demand can be tight. So I would be very hesitant to buy this market, at least until we get all the noise out of it. Advertisement See Why Oil Is One Of The Hottest Commodities TRADE OIL NOW I think the noise is coming as the 50 day EMA, the $80 level and then the $81 level. If we can overcome all of this, it is possible that the WTI crude market could go much higher. In fact, at this point you could even start talking about head and shoulders pushing the market much higher. Whether or not it will take off is another question entirely, but for now I think it’s at least something to watch out for. I don’t hesitate to buy Traders remain concerned about global demand, which of course is holding back the oil market. Therefore, I look for signs of exhaustion with the idea of ​​going back to the $75 level to start selling. One thing that will fuel the idea of ​​an oil build-up is, of course, China’s reopening of trade, but right now it’s probably aggressive to think that will suddenly become a big factor. After all, China now has many problems of its own, so I’m a little hesitant that everything will change in one fell swoop. Another possibility would be that the market is just grinding back and forth in that general area, which makes some sense because regardless of which side of the aisle you said, you have to admit that the market is consolidating quite a bit. especially in the oil market. Trading between $75 and $80 would certainly be normal for the crude oil market. At this point, I don’t hesitate to buy, but I am much more aggressive when there are signs of exhaustion to start selling.

Steve Walker

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