Crude Oil Forecast: Consolidates Near 50-Day EMA (Video)

(MENAFN- Daily Forex)

• The light sweet crude oil market has fallen a bit during the trading session here on Tuesday, but it looks like we are finding plenty of support near the 50 day EMA.
• The market turning around the way it has showing signs of life.
• And if we can break above the highs of the day for Tuesday, then it's likely that we will probably go looking up to the 200 day EMA, perhaps even breaking above there opens up the possibility of a move to the $70 level.

If we were to break down below the 50 day EMA, then it's possible that we could go looking to the $65 level, which was previous resistance. If you remember a few months ago, I was talking about a potential pseudo inverted head and shoulders. Well, there's your neckline. And that is an area that I think continues to see a lot of interest. And as long as we can stay above there, I do think there is a shot that this market goes higher.

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Nonetheless, oil seems a little bit lost, and you must keep that in mind. I think you're looking for short-term rallies, but it's more of a see profit, take profit type of environment. Hanging on for a longer term move in oil may have been canceled during the Monday session as it looked like we were really getting ready to take off and then just fell apart. So, with this, I think oil grinds higher over the summer as it typically will do, but I think the key word here is going to be grind. I don't expect to see this take off to the upside unless of course we get another war then all bets are off.

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