Crude oil looks stuck in a range. Will it get out?
market fell slightly, reflecting the ongoing back-and-forth nature of the crude oil market. This trend has persisted for some time, and it's unlikely to change soon. The market is currently facing significant resistance from the 50-Day EMA, located just above the current price level.
If the market continues to drop, the $72.50 level could offer crucial support, as it has done multiple times in the past. Currently, the market is hovering around the $70 level. On the other hand, the $82.50 level presents a formidable resistance barrier, extending up to the 200-Day EMA just above. Overall, the market is expected to continue displaying noisy, back-and-forth behavior as traders attempt to discern whether the global economy will begin growing or enter serious trouble, potentially leading to a drop in demand for crude oil.The Brent markets have also experienced a drop throughout the day, which is in line with the overall noisy behavior seen in this market.
. Breaking out of that area could prompt a significant amount of momentum, and therefore I think a lot of “FOMO trading” would start at that point. With that being the case, we could see quite a bit of volume enter the market as well. As traders continue to ponder central bank actions, that may come into the picture as well.
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