Crude Oil Price Forecast – Crude Oil Markets Continue Same Range
WTI crude oil
The West Texas Intermediate Crude Oil market bounced back significantly during the trading session based on the idea of a stimulus boosting energy demand in the United States, which of course is probably a bit of a stretch. That being said, we're at the top of the range, so it's likely we'll bring sellers back on the market at some point. The 200-day EMA is just above it and it is likely that the market will be looking for it. Because of this, special attention is paid to the $ 41 level. Even if we recover from here, the uptrend is likely to be somewhat limited.
Crude Oil Video 10/9/20
Brent markets also rebounded slightly during Thursday's trading session as we broke above the 50-day EMA. At the top we have a lot of potential resistance to at least the $ 45 level so I'll be looking for any signs of exhaustion to sell. In all fairness, any short-term shock that is due to the stimuli being over will most likely sell in enough time as that creates a liquidity event that people can throw in contracts. If we break above the $ 46 level, it is likely that we are nearing the $ 50 level. If all things are the same this is a market that I think will continue to be very volatile, but we are much closer to the short-term top than the bottom, and of course that's something worth paying attention to will.
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This article was originally published on FX Empire
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