As the day goes by, the crude oil markets continue to consolidate during trading sessions and basically getting stuck in the same area that has been seen for a couple of days.
The West Trading Intermediate crude oil market has pulled back a bit during the trading session. Consolidating between the 20 days EMA underneath and the 50 days EMA above and recently seeing a lot of bullish pressure on the market, it wouldn’t be a surprise to see what could eventually be a breakout.
A lot of traders are expected to be seen really nervous after the massive amount f technical damage that has been done in the market, which will bring some difficulty to what could get the market higher.
On Brent markets, a similar situation has been going on, as it is consolidating after a trend line break, with people expecting to get a daily close above the 50 days EMA to get on the $65 level. With the $67.5 level is following this.
Pullbacks are expected at this point to continue as buying opportunities go by with thee 20 days EMA starting to turn higher, hinting what could likely be across to the upside with enough time.
Latest Forex News, Analysis & Market Moving Events: