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MENAFN- Daily Forex)
The West Texas Intermediate Crude Oil Market has shot straight up in the air during the trading session here on Monday, as we continue to see a lot of volatility. At this point in time, the market managed to rally all the way to the 50-day EMA near the $77.25 area.
With that being the case, it is showing a little bit of hesitation. However, it's probably worth noting that the market is going to continue to be very volatile due to the macroeconomic conditions of the wars going on around the world and of course, the fact that Libyans had cut back production. So, with that being said, I think you've gotten a situation where traders will continue to look at oil through the prism of extreme volatility and perhaps even the possibility of a lot of concerns about supply. Now, having said that, I do recognize that if the market breaks above the $79.50 level, we could really start to see this market take off. That could open up a move all the way to the $84.50 level, but I also recognize that it is going to take a significant amount of momentum to make that happen.
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I think in general we've got a situation where traders are going to continue to buy the dip. So, if anything, I would be looking for an opportunity to pick up a little bit of value. I don't know that I would be a massive holder of the market right now. I think it's just a scenario where you are looking at short-term pullbacks as short-term opportunities.
As far as some type of massive shift in the overall psyche of the market, I think you probably have some way to go. With this being the case, it is likely going to be a scenario where the oil market will continue to see a lot of questions asked of the trading public as to where we are going to go over the longer term.
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