Wednesday was a rollercoaster for crude oil markets, as they kept going back and forth waiting for inventory figures later on the week, which should give a little bit more in the way of direction.
Currently, the West Texas Intermediate Crude Oil Market is trading between the 20 days EMA and the 50 days EMA as it counts with significant support at the $50 level; furthermore, it would make sense seeing buyers on the dips as it broke above a downtrend line and are now trying to build up the necessary momentum to continue going higher.
With a daily close above the 50 days EMA, it now shows a buying opportunity for larger moves, that could perhaps reach towards the $57.50 level.
Brent didn’t do as well as WTI, as it continues to hover around the $60 level. With the 50 days, EMA being just above hinting that breaking through that level would open a path towards the $65 level or the $62.50 level.
The 20 days EMA is situated below and starting to slant upward. Brent oil market is getting ready to break out in oil but lacks the momentum to do it, so it now waits to see a daily close above that read EMA to start buying.
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