Crude Oil Markets Continue Noisy Behavior

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wisepowder

Age: 2023
Total Posts: 0
Points: 10

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The West Texas Intermediate Crude Oil market has been all over the place during the trading session on Monday as we continue to see
conflicting headlines cause major issues. For example, the tanker in the
Suez Canal has finally been moved, but at this point in time there are
also reports that perhaps the Russians might push to extend production
cuts into the month of April. In other words, this is a market that has a
lot to digest. From a technical analysis standpoint, we are going
sideways after a trendline break and also have a flat 50 day EMA around a
large psychologically important figure. In other words, confusion
reigns.To get more news about WikiFX, you can visit wikifx.com official website.
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Brent markets are very much the same, hanging around the $65 level and the 50 day EMA. We are essentially trading sideways in a five dollar
range, and as a result I think you are probably looking at short-term
trading more than anything else. The candlestick shows perfect
confusion, so that is reason enough to think that there really is no
deciding set up here at the moment, but if we were to break down below
the $60 level we could drop rather significantly. On the other end, if
we break above the $65 level, then we could have another attempt at the
$70 level but right now I think things are far too erratic to put a
decent sized position on. You need to be looking at this more or less
from a range bound and short-term perspective with this type of
behavior. Sooner or later, the inertia will break and then we will have a
bigger move. Until then, you will need to be very cautious.
Posted 08 Apr 2021

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