Crude Oil forexsignal : If the crude oil markets – either grade – drop below the lows of Monday, selling oil to reach the 50-Day EMA is the trade.
sits at the $87.10 level, offering resistance. There is also a gap underneath that could be filled soon.If the market breaks above the $87.50 level, then a move towards $90 could be possible. Keep in mind that the Brent market is typically geared towards ex-US consumption, so there may be a bit of a divergence down the road. The Brent market does have a little bit more in the way of buoyancy, as the Chinese are said to be big buyers at the moment.
Historically speaking, OPEC production cuts tend to give a boost to pricing power that doesn't last long. It's a "fade the rally" type of situation. Therefore, there are concerns about oil falling eventually, particularly given the current economic climate. Overall, the crude oil market is experiencing a lot of noise, making it difficult to predict where prices will go in the near future.offered by the EMAs, suggest that a pullback is likely in the short-term.
Ultimately, the crude oil market is highly sensitive to global economic activity, so it's worth paying close attention to any developments on that front. With the recent economic numbers, it’s likely that most news will eventually be seen as bearish.If the crude oil markets – either grade – drop below the lows of Monday, selling oil to reach the 50-Day EMA is the trade.Ready to trade our
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