Crude Oil Signal: Looks Bullish
(MENAFN- Daily Forex) The world of crude oil trading witnessed a relatively calm Thursday session, with signs pointing to a looming shift in market dynamics. Here's a closer look at what's happening in both WTI Crude Oil and brent markets.
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Read full review Get Started The West Texas Intermediate Crude Oil market experienced a slight dip early in Thursday's trading session amidst ongoing turbulence. Market observers are taking note of the noisy behavior, but one thing is clear: traders are poised to re-enter the scene on any downward movement. The supply situation remains a pressing concern, and recent days have seen a noteworthy surge in oil prices.However, it's essential to remember that markets cannot ascend perpetually in a single direction. A pullback toward the $85 level is expected to garner significant attention, followed by a foon the $83 level. Despite the potential for fluctuations, shorting the market doesn't appear to be a prudent strategy given its current strength.Brent Crude Oil markets continue to display resilience, although they are hovering around the psychological threshold of $90. This level has seen a fair share of volatile activity recently, reflecting its significance to traders. Just like WTI, Brent has been on a sustained upward trajectory, a clear shift in sentiment that is hard to ignore.It's noteworthy that both grades of crude oil recently experienced a "golden cross" – where the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA. This technical signal underscores the market's bullish long-term outlook.Closely Monitor the MarketIn the grand scheme of things, the oil market remains positive, with Russia and Saudi Arabia strategically reducing their oil supply. Their commitment to voluntary price cuts indicates a dedication to higher prices. However, the horizon is not without clouds. Concerns may arise when the global economy eventually decelerates, but for now, the fois on the upward trajectory.Nonetheless, brace yourselves for a rollercoaster ride in the oil market over the coming months. Volatility is likely to be a constant companion as market dynamics evolve. The path ahead for crude oil prices is marked by uncertainty, but the bullish sentiment, driven by strategic supply adjustments, prevails.In conclusion, the crude oil market is navigating a delicate balance between its current bullish trajectory and potential future uncertainties. Traders and investors should remain vigilant and adaptable, closely monitoring market developments while keeping a long-term perspective in mind. Signal: I am a buyer on dips, look to get long ofOil at 85 USD. Stop loss at 84 USD. Target is back to the 87.50 USD level. Ready to trade our WTI Crude Oil Forex ? We've made a list of the best Forex Oil trading platforms worth trading with.
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