WTI Crude Oil
The West Texas Intermediate Crude Oil market has done almost nothing during the trading session on Wednesday, undulating in a very tight range as one would expect. After all, the teleconference on Thursday between OPEC and several other oil-producing countries around the world will cause massive headlines that could move this market rather drastically. With that being the case, it’s very difficult to get into the market ahead of that as the production cut or lack of, will cause potential volatility. With that being the case though, if the market can break above the $30 level it would be in reaction to a massive price cut. Alternately, if there is nothing that comes out of this meeting, this market could find itself right back to the $20 handle.
Crude Oil Video 09.04.20
Obviously, Brent will be focusing on the same things with the resistance above at the $35 level coming into focus. Underneath, I recognize that the $30 level will be relatively supportive, but if we were to break down below that level it’s likely that the market goes looking towards the $25 level. I do anticipate that there is a lot of noise ahead of us, and quite frankly any trade that is placed between now and the meeting between all of those nations will simply be gambling. That being said, once the announcement is released you have very clear areas to trigger either short or long positions in these markets. By the time the day closes on Thursday, we should have much more clarity.
This article was originally posted on FX Empire
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