Crude Oil Markets Continue to Look Weak
WTI Crude Oil
The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Wednesday as we tested the 50 Day EMA. Bouncing from there was something that you would anticipate, but that being said I think we have a situation where we need to pay close attention to what happens over the next day or so. If we can break back above the $100 level, that would obviously be a very bullish turn of events and could send this market much higher. On the other hand, if we were to break down below the 50 Day EMA, that could open up the possibility of $90.
Crude Oil Video 17.03.22
Brent markets also tried to rally initially during the trading session but in the end, turned around to break back towards the 50 Day EMA. Ultimately, this is a market that I think will find a lot of questions answered over the next couple of days, and therefore we need to see how we close as far as the 50 Day EMA is concerned. Below there, we could drop down to the $90 level in this market as well. On the other hand, if we take out the top of the candlestick for the trading session on Wednesday, then the market goes looking towards the $110 level.
All things being equal, we need to find support soon or the uptrend in the oil market may end up rather suddenly. The market has been overbought, and now it is oversold. Will the buyers come back is going to be the only question that people are going to be asking.
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