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MENAFN- Daily Forex)
The crude oil market has been positive during trading on Wednesday as we are now breaking above the 50 Day EMA. That being said, the market still faces a significant amount of resistance just above, especially at the $65 region, which has been a ceiling of sorts for this market, and I think we still have a lot of problems above that could cause headaches.
With that being said, I am still more inclined for range bound trading, but it's probably worth noting that the last couple of days have in fact been fairly positive. One thing that has helped is the latest EIA numbers. The demand in the United States seems to be picking up a little bit, and that of course will help with oversupply concerns as OPEC, Russia, and the United States have all been pumping out massive amounts of crude oil. Whether or not it will be enough to really get things moving remains to be seen, but I'll be watching the $66 level for some type of clue. If we can break above that level, then I become bullish of crude oil, perhaps for a move toward the $70 level.
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The technical analysis for this market is somewhat neutral, but again, if we can break above that $66 level, and by extension the 200 Day EMA, I think we have a real shot at this market going higher. On the other hand, if we show some type of exhaustion at the $65 level, then I think we stay within the previous consolidation, which measures between $62 on the bottom, and the $65 level at the top. One thing I would say about the $62 level is that I think it's essentially a“$2 support level”, meaning that it extends down to the $60 level, and anywhere in that general vicinity could form a candlestick that shows a potential reversal. That being said, I think Thursday will be pivotal for where we go next.
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