Tuesday was a rallied day when it came to trading sessions as it used the important levels with the support from lower levels that turned things around.
The West Texas Intermediate Crude Oil market used the $50 level as support, with the 20 days EMA underneath starting to turn higher, it just needs to sit below the level. The 50 days EMA above is offering resistance, hinting that the next move should be based upon a break of one of those levels.
Breaking through the 50 days, EMA could send the market higher, with the possibility of reaching towards the $57.50 level or the $60 level. Pullbacks would continue to find plenty of support, but markets could continue to find value hunters.
On Brent markets, they continue to show sign of support at the 20 days EMA. Having the 50 day EMA above-showing resistance, besides, breaking through the 50 days EMA would let them to the $65 handle and continue to go much higher.
Their recent breakout through a downtrend line was great news, as it signs a trend change. Now the market will find plenty of value hunters and will have more to look into if a bounce comes into play.
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