Crude Price Forecast – Crude Oil Markets Continue Slow GrindThe crude oil markets have done very little on Tuesday, as we continue to hang around the same area we have been in for several weeks.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied ever so slightly during the trading session on Tuesday, as we continue to dance around the $60 region. The 50 day EMA is sitting just below, so that of course is something worth paying attention to as well, as the 50 day EMA does tend to attract a lot of attention from a technical analysis standpoint. As you can see on the chart, I have an area of consolidation marked off, so until we break out of that I think this is simple back-and-forth choppy trading behavior just waiting to happen. That is fine, you just have to be willing to trade shorter-term charts, perhaps with more or less a slightly upward bias.
Crude Oil Video 14.04.21
Brent markets were also very quiet during the trading session, and also sitting just above the 50 day EMA. This market has essentially been looking for some type of reason to move in one direction or another, but obviously has not had it yet. With that being the case, I think that we are looking at a scenario where we are trying to figure out where to go next. If we break down below the $60 level, then it is likely that the market goes looking towards the $55 level. On the other hand, if we turn around a break above the $65 level, then the Brent market should go looking towards the $67.50 level above. In the meantime, we are simply going back and forth so there is no point whatsoever in trying to figure out anything other than it is a sideways market looking for direction.
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