Crude Oil Forecast Today 23/9: Slams Into Resistance (Video)
Date
9/23/2024 3:00:09 PM
(MENAFN- Daily Forex)
The West Texas intermediate crude oil market was a little bit noisy during the trading session on Friday as we continue to test the $71 50 cents level. The $71 50 cents level of course is an area that we have seen previously as support and now it looks like it's offering resistance in what is known as market memory.
If we can break above the $72 level, then it's possible that the market could go looking to the $50 day EMA. On the other hand, if we turn around and break down below the bottom of the candlestick for the session on Friday, that kicks off what would be known as a hanging man and could send this market down to the $69 level.
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It's worth noting that the stochastic oscillator has crossed in the overbought condition and now looks as if it is really starting to show signs of weakness. All things being equal, I think the crude oil market is going to continue to be very noisy as we try to sort out whether or not global growth is going to be a real and present thing or if the global market is in fact going to slow down as some people have suggested after the Federal Reserve decided to cut interest rates by 50 basis points.
Long-Term Charts
When you look at the longer term charts, we have just bounced from a major support level. So, I do think that. Short-term pullbacks probably get bought into eventually. I certainly don't know that I'd be looking to chase this market to the downside in the short term, because we are basically bouncing from the support level going back a good two and a half years. So, with that being said, I expect quite a bit of noisy behavior, but I do think that there are buyers underneath the current levels, and I think that a lot of people will be looking at this market for value.
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