WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Wednesday, but still has not broken out of the range. The one thing we can take away from this chart though is the fact that we are grinding higher overall, and it is obvious that the buyers are slowly gaining the upper hand. With that being said, pullbacks are still bought on short-term charts, and I think that the likeliest of scenarios will be that we get the eventual breakout and move towards the $49 level based upon currency movement and OPEC restrictions on production.
Crude Oil Video 13.08.20
Brent markets have also rallied, but unlike the WTI market have not broken above the 200 day EMA. By showing the strength that we have in the WTI market, it is very likely that Brent will follow suit given enough time. Over here I like buying short-term dips as well, but I would not be looking for big moves regardless. The 50 day EMA underneath is a massive support level, and at this point in time it is not until we break down below there that I would consider shorting this market. It is obvious that the tenacity in this market will eventually take over, and when it does, I think that Brent will go looking towards the $50 level above. We could even break above there and go even higher, but this will be based upon the US dollar and inflation more than anything else.
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This article was originally posted on FX Empire
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