The world of crude oil trading has been marked by considerable volatility as it grapples with the oscillation between the 50-Day and 200-Day Exponential Moving Average indicators- Forex Forecast
Market experts are closely eyeing the $75 level as a potential support zone, considering its historical significance in the past. A breach below this level might lead to a test of the 50-Day EMA.
Brent Crude Oil, too, has been demonstrating bullish tendencies, hovering around the psychological $80 level, garnering significant attention akin to WTI. Similar to its counterpart, Brent has been navigating between the 50-Day EMA below and the 200-Day EMA above. A critical factor to observe is the apparent slowdown of the global economy, potentially limiting the momentum of oil prices. However, the recent implementation of production cuts by the OPEC has exerted upward pressure on the oil markets. These contrasting forces continue to influence the market, thereby contributing to its current range-bound behavior.
A decisive breach above the 200-Day EMA for WTI could unleash significant upside towards the $80 level, while a similar move for Brent might push it towards $85.
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