WTI crude oil
The West Texas midsize crude market tried to rally early in Friday’s trading session, but then returned the gains to stay in the same range we were in. That being the case, you should also pay attention to the 50 Day and 200 Day EMA indicators below are flat and going sideways suggesting that we are going to stay in a trading range. At this point, many traders are starting to try to promote the idea of a world after the vaccine, but let’s not forget that the oil was already supercharged before all this coronavirus nonsense. I believe we continue to stay in the range, but if we break above the $ 43 level, the $ 45 level would be the next target. Otherwise, we should just roll back to the 50-day EMA.
Crude Oil Video 23.11.20
Brent markets initially tried to rally in Friday’s trading session, but returned gains just above the 200-day EMA. At this point the market is likely to continue to bear downward pressure above the 200 day EMA so I think it’s only a matter of time before we continue to see sellers come back and try to push this pair towards 50 days. EMA. Even if we go from here to the upside, it wasn’t until after I breached the $ 46.50 level that I would be a buyer. That being said, I like the idea of playing this two-way market in this general neighborhood, as the 50-day EMA would likely offer some support. If we fall below that, it is likely that we will descend to the $ 39 level afterwards.