During Monday’s trading sessions, the WTI Crude Oil market pulled back a bit as a kick off for the week, reaching down towards the 20 days EMA. But buyers in the area have been present for quite some time, creating expectations for a bit of a bounce, which could take the market towards the $55 level again.
It isn’t weird to see the market struggling to reach that level, so trading in a range is what traders will be looking for as they keep trying to build up the necessary momentum, and then, eventually break the $55 level to go higher.
On short terms, traders will be trying to buy small positions to pick up value at these lower levels.
As for Brent markets, they went for the same tracks and pulled back during their trading sessions, testing the 20 days EMA as well. For the moment, traders will be looking at the $60 level as their next target, which is an area that should create support later on.
The market is currently turning back around as it continues to grind and rotate sideways, questioning traders to whether they can break above the $64 level or no. If it happens, it will show a very bullish sign.
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