WTI Crude Oil
The WTI Crude Oil market has broken through a downward trending channel and peeked through the 200 day EMA. At this point, if we can break above the high for the day, then the market is very likely to go towards the $60 level. On the alternate scenario, if we were to turn around and fall from here we are going to simply stay between the $55 level on the bottom and the $58 level to the top. I expect a three-pointer zero dollars range to hold in the short term, but clearly we are building up a lot of pressure and it looks like it could be ready to head towards the upside.
Crude Oil Video 10.09.19
Brent markets also rallied a bit during the trading session, breaking above the $62.50 level. At this point it looks very likely that we are going to go to the $65 level, but even more importantly we broke above the top of a shooting star from a couple of days ago. That tells me that it’s time for this market to rally and I think it will go looking towards the 200 day EMA above. Pullbacks at this point are probably going to be supported, but keep in mind that it is going to be very noisy. There is a serious concern about the global demand picture right now, so I think that the 200 day EMA above will cause some issues but in the short term it certainly looks as if we are going to go higher.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- EUR/USD Price Forecast – Euro rallies to start week
- GBP/JPY Price Forecast – British pound rallies against Yen
- Silver Price Forecast – Silver markets slightly negative on Monday
- E-mini S&P 500 Index (ES) Futures Technical Analysis – Ripe for Closing Price Reversal Top
- EUR/USD Mid-Session Technical Analysis for September 9, 2019
- AUD/USD Price Forecast – Australian dollar continues to grind higher