Followers | 686 |
Posts | 142554 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
![](https://investorshub.advfn.com/uicon/35728.png?cb=1539773763)
Tuesday, April 23, 2024 10:11:29 AM
By: Christopher Lewis | April 23, 2024
• The Tuesday session has been all over the place in the oil markets, as we continue to see a lot of uncertainty as to where we are going.
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market initially rallied during the trading session on Tuesday but has struggled to show signs of being able to hang on. So, with that being the case, I think we just continue to hang around and look for some type of reason to get involved based on support and a bounce.
The $80 level in the WTI market, I think, continues to be a major floor. And the 50-day EMA, I think, kind of comes into the picture as well. If we can take out the highs of the day, then we could go look into the $85 level. But right now, it seems like everybody is breathing a little bit of a sigh of relief as the war in the Middle East has at least not spread further. So that of course helps. Nonetheless, I do think that this area around $80 continues to be important.
Brent Crude Oil Technical Analysis
Same thing over here in Brent, the $84.50 level is an area that I think a lot of people will pay attention to, as it’s between the 50 day EMA and the 200 day EMA. Again though, we need to take out the highs of the day to be truly impressive to the upside. And at that point, then I think you’ve got a situation where we could go look into the $90 level regardless.
I am a buyer of oil, but maybe not right now. I need to see a little bit more in the way of stability because we have been all over the place in the last three trading days. I think at this point we will start to form some type of supportive action though, and that might be your sign to get long.
Read Full Story »»»
![](http://studentaid.gov/universal-navigation/assets/us_flag_small.png)
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
FEATURED ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM