Market participants continue to see this through the prism of consolidation as we try to understand what is happening in the global comedy. The West Texas Intermediate oil market initially fell during Thursday’s trading, but returned to show signs of life. In doing so, it suggests that the market will continue to find buyers for it, but the 50-day EMA just above will eventually provide major resistance. A market break above could open the door to a move to the $80 level, which is of course a big, round, psychologically important number. Advertisement Take Advantage of Crude Oil Movements Today Trade Now On the other hand, if we were to break below the bottom of the candlestick, it is possible that we could go down to the $75 level. there’s a lot of psychology involved, but whether it’s valid is another question entirely. If we break above that, there is a chance we will explore the $82.50 level. This is an area where we have seen resistance in the past and is at the top of a general consolidation zone. A break above this consolidation opens the possibility of a move to the 200-day EMA. It’s closer to the $85 level, and of course it’s an important technical indicator that people pay close attention to, so a break above that would likely send a lot of FOMO traders back into the market. Don’t Be Too Aggressive If we break below the bottom of the candlestick, it opens the possibility of a move down to the $72.50 level. Market participants continue to see this through the prism of consolidation as we try to understand what is happening in the global comedy. At the end of the day, you have to worry about whether there is enough demand because everything slows down. When this happens, there is little hedging in the oil market and now it seems that you are better off just trading back and forth, as a range bound indicator like the Stochastic Oscillator can come. comfortable in this market. The daily candlestick does show some hesitation, but we’re still basically in the middle of the range, so I don’t see the need to be too aggressive one way or the other.