Advertisement
Advertisement

Crude Oil Markets Show Exhaustion Heading Into the Weekend

By:
Christopher Lewis
Published: Mar 18, 2022, 17:04 UTC

Crude oil markets initially rally during the trading session on Friday but gave back gains to show bits of exhaustion heading into the weekend.

Crude Oil Markets Show Exhaustion Heading Into the Weekend

In this article:

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied initially during the trading session on Friday to fill the gap that was left earlier this week. That being said, it certainly looks as if we have made an important bottom over the last 24 hours, but it makes quite a bit of sense that we may go sideways in the general area that we are at right now, as we walk along the uptrend line that is so clearly marked on the chart. Furthermore, we have the 50 Day EMA underneath at the $94.63 level that could come into the picture and have this market showing signs of support.

Crude Oil Video 21.03.22

Brent

Brent markets also gave back the initial gains on Friday as we have seen a lot of noisy trading, but at the end of the day, I think we have a situation where the market looks as if it has formed support over here as well. Yes, we may have a day or two of noise, but at the end of the last 48 hours, it looks like we continue to bounce around and show signs of life again.

Brent also has the 50 Day EMA sitting underneath, as well as an uptrend line that is being followed right along. At this point, I think that any pullback will simply allow the market to grind away in this general vicinity to build up some type of consolidation or accumulation. It is not until we break down below the $90 level that I will be concerned about this market. Ultimately, this is a market that got ahead of itself so this pullback has been healthy.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?

Advertisement