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MENAFN- Daily Forex)
On Wednesday we have seen Light Sweet Crude oil markets rally, as we continue to see a lot of noisy behavior in this market. The $60 level is an area that I continue to watch very closely, mainly due to the fact that it is historically important, and an area that has been worth following for some time now. If we were to break down below there, then we have an even more stringent area of support in the form of the $55 level, where we had recently formed a bit of a“double bottom.”
It is because of this that I believe that we are in the process of trying to turn things around. This makes a certain amount of sense considering that the crude oil market had been sold off so viciously, and of course sooner or later people were going to need to move things. Yes, I recognize that there have been a lot of concerns about a global trade war, and of course tariffs coming out of the United States, but at the end of the day, the reality is that sooner or later things will settle down, and people will have to move things again, remembering that the“lifeblood of the economy” is in fact, petroleum.
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Looking at this chart, the 50 Day EMA sits near the $63.50 level, and I think that is your first major area of concern. Granted, the $62 level has been a little bit stubborn at this point, at least in the sense of resistance over the last 4 sessions. If we can break above there, then we start to test that 50 Day EMA. Underneath, I see a lot of support at the $60 level, and I do in fact believe that anything close to their represents a potential“value trade.” Nonetheless, I also recognize that we are probably going to have to take a certain amount of time to build something from here, but I do think that we are closer to the bottom than we have been all year long.
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