WTI/CL Technical Analysis
The light sweet crude oil market has found itself to be a little bit negative during the trading session here on Thursday, as we continue to see a lot of back and forth trading. I think at this point in time, the crude oil market will continue to be very noisy as there are a lot of questions as to where oil will end up going. After all, there is a huge problem with oversupply with Saudi Arabia, the United States and OPEC all producing more now. Beyond that, we also have to ask questions about the global economy and with the jobs number coming out on Friday, American economy itself will be under a bit of a microscope. As things stand right now, I think we’re trying to form some type of range between roughly $66 on the top and $62 on the bottom.
Brent Technical Analysis
Brent markets have fallen during the trading session on Thursday as well, testing the crucial $67 level. This is an area that’s been both support and resistance multiple times in the past, and I think ultimately, you’ve got a scenario where traders are looking at this through the prism of a $2 range of support, perhaps trying to hold up. Ultimately though, I think you’ve got a range bound market between $65 on the bottom and somewhere right around $70 on the top, which is also starting to attract the attention of the 200 day EMA. With all of that being said, I think we’re just in a bit of a holding pattern. A little bit of sideways action in this market would just be a continuation of most of what we’ve seen over the last several months.
For a look at all of today’s economic events, check out our economic calendar.