WTI CrudeOil Forecast: Price Captures 50-Day EMA
Enter your emailLooking at this chart, it looks to me like the recovery has been very strong, and I think the momentum will continue to pick up.That is a very good sign and it looks as if we are ready to break out. That being said, we will have to see how this plays out due to the fact that there are a lot of questions as to whether or not the lockdowns are going to be an issue.
If we do pull back from here, I think that the $73 level should offer a certain amount of support as it had been previous resistance, so “market memory” could come into play. If we turn around and break down below the $73 level, then we may have to reset at much lower levels, but right now that does not look like it is the most likely of outcomes.
Looking at this chart, it looks to me like the recovery has been very strong, and I think the momentum will continue to pick up. Over the next couple of days, I would anticipate more of a back-and-forth type of situation, but by the time we get back to work in January, we could go much higher.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Price Analysis: Sellers extend pullback from 50-HMA towards 1.2800USD/CAD sellers attack 1.2800, down 0.06% intraday near 1.2807 during early Monday. In doing so, the Loonie pair stretches the previous day’s pullback
Read more »
USD/INR Price News: 50-DMA tests Indian rupee bulls around 75.00USD/INR Price News: 50-DMA tests Indian rupee bulls around 75.00 By anilpanchal7 USDINR Technical Analysis ChartPatterns SwingTrading SupportResistance
Read more »
Japan to auction off 600,000 barrels of oil from national reservesJapan's industry ministry will hold an auction to sell about 100,000 kilolitres, or 628,980 barrels, of crude oil from its national reserves
Read more »
China oil demand to peak by 2030 on petrochemical use – CNPCChina's oil consumption is expected to peak at about 780 million tonnes per year by 2030, China National Petroleum Corp (CNPC) Economics & Technology
Read more »
Day after Christmas storm bringing snow across UtahHere's what to expect starting tonight as a storm is forecast to impact northern Utah following a mild Christmas Day
Read more »