WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Friday as we continue to have around the $61.50 level. We are getting close to the top of the overall consolidation area though, reaching towards the $62.50 level. If we can break above there, then it’s likely that the market will go looking towards the $65 level as well. Ultimately, I believe that this market is probably going to be very difficult to trade over the next couple of days, because quite frankly there are major barriers but a lack of trading between now and when volume picks back up, somewhere around the January 6 timeframe.
Crude Oil Inventories Video 30.12.19
Brent markets also look very similar, as they are close to the $67.50 level, an area that of course will cause a certain amount of resistance based upon previous action. That being said though, if we can break above that level then it’s likely that we will go looking towards the $70 level next. Short-term pullback should see plenty of support near the $65 level, as we are about to get the “golden cross”, when the 50 day EMA crosses above the 200 day EMA. That being said though, there are a lot of moving pieces out there as far as crude oil is concerned, not the least of which will be the US/China trade situation and whether or not demand will pick up as a result. If there is any type of break down in that situation, crude oil be extraordinarily vulnerable at that point.
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This article was originally posted on FX Empire
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