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I do think the crude oil has an interesting couple of weeks ahead of it, since the decisions to be made about its pricing are all over the place as we must worry about global demand dropping, and then of course the idea that OPEC has cut production.market has fallen just a bit during the trading session on Tuesday, as the 200-Day EMA continues to offer a little bit of trouble.
At this point, the market is likely to see a lot of resistance, as the 200-Day EMA is such an important indicator.indicator is relatively flat but is starting to drift a little bit lower. The dynamic ceiling in that area could cause you trouble if you are bullish.On the other hand, if we were to break above the top of the candlestick from the trading session on Monday, then it opens the possibility of a move to the $95 level. After that, we could be looking at the $100 level.
It’s a little early to make that decision, but at this point I think we’ve got a scenario where you must look at it through the prism of a potential turnaround. The $80 level underneath should be considered the “floor in the market” for the short term. The market seems to be awfully resilient these days.
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Source: FXStreetNews - 🏆 14. / 72 Read more »