This is a type of market that can be dangerous no matter which direction you trade. At the end of the day, you have to be able to handle this type of volatility in order to continue trading. West Texas Intermediate Crude Oil The crude oil market initially retreated slightly during Thursday’s trading, but the 50-day EMA provided enough support to turn things around. Currently, the marketer seems to be looking at the 200-day EMA around $92. The 200-day EMA more likely than not continues to provide some dynamic resistance, and many people use this indicator to determine the overall trend. Advertisement Take Advantage of Crude Oil Moves Today Trade Now If we break above this figure, it is likely that the crude oil market will continue to rise, perhaps trying to reach the $100 level, which has a lot of obvious psychology. included. In this scenario, I think you have a situation where a lot of people want a lot of attention to the area and will the market go above that. If we can pull this off, it could start the next big bull run. Volatility Ahead On the other hand, if we turn around and break below the 50-day EMA, we could see a bigger move down, opening the possibility of a drop to the last low. If we break below that, it’s likely the $80 level will still provide a nice target. If we took that step, we would probably go much further. Much of this market is perceived demand and of course that is a real question now as the global economy appears to be slowing down. Ultimately, this is a scenario where you have a situation where all the global macros and of course the fact that OPEC recently cut supply. This creates a lot of volatility, but pay attention to the market and, perhaps more importantly, pay more attention than usual to your position size. This is a type of market that can be dangerous no matter which direction you trade. At the end of the day, you have to be able to handle this type of volatility in order to continue trading. Ultimately, part of what we’re seeing is that central banks around the world are not moving as much as expected, so people are hoping for a global reversal.
WTI Crude Oil Forecast: Continues Bullish Run
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