WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied rather significantly during the trading session, initially gapping above the 50 day EMA on Wednesday. Since then, we have seen the market reached towards the $58.50 level, an area that has been resistance in the past. Quite frankly, at this point we are more than likely to see a bit of selling pressure above, extending all the way to the $60 level. Quite frankly, this is one of those deals that if you are not long in this market already, you simply have to wait. Pullbacks could happen, and those could be buying opportunities, but in general it’s going to be a bit overdone at this point.
Crude Oil Price Forecast Video 05.12.19
Brent markets also have had an explosive move to the upside in anticipation of some type of OPEC extension of cuts, or perhaps even more of a cut coming down the road but at the end of the day there are concerns about demand. Currently, the global economy hasn’t exactly been screaming to the upside, so it’s not surprising that people are concerned about total demand as economy slow down. That being said though, the US/China trade situation has been all over the place, so that of course continues to be a major influence on the market. I believe that it’s only a matter of time before we make a longer-term decision, but I don’t think we are there yet. We continue to consolidate in a $10 range, and I think that isn’t going to change between now and the end of the year. However, if it does I will be the first person to let you know here at FX Empire.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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