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Crude Oil Price Forecast – Crude Oil Markets Continue Sideways Drafted

By:
Christopher Lewis
Published: Aug 24, 2020, 15:21 UTC

Crude oil markets continue to do almost nothing during the trading session as we are going sideways yet again on Monday. We are stuck with short-term moves.

Crude Oil Brent WTI

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the trading session on Monday, as we continue to see a lot of noisy trading in general. The crude oil markets are looking for some type of catalyst to move, and quite frankly there is just nothing out there that is inspiring confidence. Furthermore, we are in the midst of vacation season, so it is likely that we will continue to see more of the same for the short term. Ultimately, this is a market that is sitting on top of the 200 day EMA, and therefore it is worth paying attention to the upside. I do not have any interest in shorting until we break down below the 50 day EMA but I also recognize that this is a market that is short-term only.

Crude Oil Video 25.08.20

Brent

Brent markets rallied a bit during the trading session on Monday to continue showing signs of strength, as the market is currently trading between the 50 day EMA on the bottom and the 200 day EMA on the top. If we can break above the 200 day EMA, then the market is likely to go looking towards the $50 level above. Short-term pullbacks are buying opportunities, and therefore it is worth paying attention to from a short-term standpoint more than anything else. As far as long-term trades are concerned, we need to see some type of impulsive candlestick in order to get involved. Until we get that, short-term scalping is good as this gets.

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.

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