CrudeOil Finds Buyers on the Dip oilprice oilprices oiltrading forex
That being said, the market is seemingly respecting the 50 Day EMA, as that is where we, the market, have seen buyers come back in. The candlestick for the trading session looks as if it will form a hammer. If we break above the top of the candlestick, then it is likely that the market will go to the $110 level. The market also has a downtrend line that coincides with that level.
Keep in mind that a couple of different things seem to be moving the crude oil market more than anything else, including the disruption of the Russian supply. That drives prices higher, but at the same time, we have to wonder whether or not there is going to be demand going forward, as it looks like the global economy is slowing down.
Either way, as long as we stay between these two lines, it will probably be a situation where you do a lot of short-term range trading.
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