Pullbacks for crude oil as consolidation continues
Enter your emailI would be very cautious about jumping “all in” right away.market fell a bit on Friday as we continue to see a lot of back-and-forth trading.
This suggests that perhaps the market is going to continue to grind around and try to figure out where to go next. When markets impress like this, it is very likely that you are going to see a huge move in one direction or the other. The 50-day EMA is sitting just below, and that is an area that a lot of people would be paying close attention to.Just above, you have a huge downtrend line that comes into the picture, but that is going to be a short-term resistance barrier.
The alternate scenario is that the market breaks down below the 50-day EMA, which is essentially the same thing as the $100 level. By breaking down below the $100 level, it opens up the possibility of a move down to the uptrend line that I have marked on the chart. That is your last line of defense for the buyers, and think that themarket will go looking to the $90 level rather quickly. After that, then you could threaten the 200-day EMA which is roughly $5 below there.
You can see that we have been coiling for some time, so the next move that we get should be rather explosive in one direction or another. That being said, the market seems to be taking its sweet time to get there. When you look at this chart, you can see that choppiness continues to be a major issue, so you are more likely than not going to need to trade shorter-term charts more than anything else.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Crude Oil Futures: Scope for extra retracementCME Group’s flash data for crude oil futures markets noted traders added more than 5K contracts to their open interest positions at the end of last we
Weiterlesen »
Abu Dhabi crude to head to Europe, replace Russian oil - sourcesA shipping unit of France's TotalEnergies has provisionally chartered a tanker to load Abu Dhabi crude in early May for Europe, the first such shipment in two years, according to traders and a shipping report on Monday.
Weiterlesen »
Despite U.S. sanctions, oil traders help Russian oil reach global marketsRussia is still making billions of dollars on oil exports since invading Ukraine. That crude is still flowing abroad thanks in part to a controversial group of oil traders.
Weiterlesen »
Elon Musk Makes Crude Bill Gates Joke, Angry Over Tesla ShortsICYMI: Elon Musk took a very public shot at Bill Gates, by invoking a new transgender-inclusive emoji.
Weiterlesen »
Musk Tries to Sting Gates WIth Crude ‘Pregnant Man’ TweetThe Tesla boss is apparently still miffed that the Microsoft founder shorted his stock.
Weiterlesen »
Eucalyptus Essential Oil Removes Stains — Best LifeSpilled something on your favorite shirt? Eucalyptus essential oil is an antibacterial natural disinfectant that can remove stains.
Weiterlesen »