Singapore markets open in 4 hours 38 minutes
  • Straits Times Index

    3,200.26
    +27.26 (+0.86%)
     
  • S&P 500

    4,232.60
    +30.98 (+0.74%)
     
  • Dow

    34,777.76
    +229.26 (+0.66%)
     
  • Nasdaq

    13,752.24
    +119.44 (+0.88%)
     
  • BTC-USD

    57,771.58
    -1,265.01 (-2.14%)
     
  • CMC Crypto 200

    1,480.07
    +44.29 (+3.08%)
     
  • FTSE 100

    7,129.71
    +53.54 (+0.76%)
     
  • Gold

    1,832.00
    +0.70 (+0.04%)
     
  • Crude Oil

    64.82
    -0.08 (-0.12%)
     
  • 10-Yr Bond

    1.5770
    +0.0160 (+1.02%)
     
  • Nikkei

    29,357.82
    +26.42 (+0.09%)
     
  • Hang Seng

    28,610.65
    -26.85 (-0.09%)
     
  • FTSE Bursa Malaysia

    1,587.45
    +9.12 (+0.58%)
     
  • Jakarta Composite Index

    5,928.31
    -41.93 (-0.70%)
     
  • PSE Index

    6,258.71
    -24.07 (-0.38%)
     

Crude Price Forecast – Crude Oil Markets Continue Slow Grind

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Christopher Lewis
·2-min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied ever so slightly during the trading session on Tuesday, as we continue to dance around the $60 region. The 50 day EMA is sitting just below, so that of course is something worth paying attention to as well, as the 50 day EMA does tend to attract a lot of attention from a technical analysis standpoint. As you can see on the chart, I have an area of consolidation marked off, so until we break out of that I think this is simple back-and-forth choppy trading behavior just waiting to happen. That is fine, you just have to be willing to trade shorter-term charts, perhaps with more or less a slightly upward bias.

Crude Oil Video 14.04.21

Brent

Brent markets were also very quiet during the trading session, and also sitting just above the 50 day EMA. This market has essentially been looking for some type of reason to move in one direction or another, but obviously has not had it yet. With that being the case, I think that we are looking at a scenario where we are trying to figure out where to go next. If we break down below the $60 level, then it is likely that the market goes looking towards the $55 level. On the other hand, if we turn around a break above the $65 level, then the Brent market should go looking towards the $67.50 level above. In the meantime, we are simply going back and forth so there is no point whatsoever in trying to figure out anything other than it is a sideways market looking for direction.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE: