WTI Crude Oil
The WTI Crude Oil market has shown itself to be very noisy during the week, breaking below the $50 level one point, but bouncing back above it as well. At this point, the market is going to form a slightly negative candlestick, but probably more of a neutral stance. It’s relatively simple from here, if the market can break above the top of the weekly high from this past candlestick, then we have a good shot of the market bouncing towards the $55 level, possibly even the 50 week EMA closer to the $57 level. However, if the market was to break down below the lows of this week, it clearly opens up the door to the $45 level.
Brent markets look very similar but may have supported a little closer to the region than WTI does. If the market breaks above the $57.50 level, then it’s likely that the market will continue to go much higher. That being said, it will have to deal with the $60.00 level initially. On a break down below the bottom of the candlestick for the week, then I think the market is probably going to go looking towards the $50 level underneath. That being said, market participants should be looking at OPEC and Russia as to whether or not they are going to extend cuts, so that could be one of the possible reasons for a recovery. Furthermore, China is front and center as far as demand is concerned as well.
This article was originally posted on FX Empire
More From FXEMPIRE:
- E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Closing Price Reversal Top Suggests Momentum Shift
- US Stock Market Overview – Stocks Slide on Profit Taking Despite Strong Jobs Data
- Gold Price Forecast – Gold Markets Continue To Grind Higher
- Oil Price Forecast – Oil Holding Support and Still Has a Chance to Turn Higher
- USD/JPY Weekly Price Forecast – US Dollar Runs Into Brick Wall
- Gold Price Prediction – Prices Rally Despite Surge in the US Dollar