The crude oil markets continued to consolidate during the trading session on Thursday as we are essentially stuck in the same area that I have been talking about for several days.
WTI Crude Oil
The WTI Crude Oil market pulled back a bit during the trading session on Thursday, as we continue to consolidate between the 20 day EMA underneath, and the 50 day EMA above. We have recently seen a lot of bullish pressure in this marketplace, so it’s not a huge surprise to think that perhaps we will eventually get a breakout. Obviously, after the massive amount of technical damage that has been done in this market there will be a lot of traders out there a bit nervous about going long. Because of this, I think it could be a bit difficult to continue to go higher, but eventually I believe the buyers will win the day. I wait for a daily close above the 50 day EMA to start buying.
Brent
Brent markets are in a very similar situation, consolidating after a trend line break. If we can get a daily close above the 50 day EMA, then I think the market could go to the $65 level, followed by the $67.50 level. Pullbacks at this point will more than likely continue to be buying opportunities as the 20 day EMA is starting to turn higher and it looks likely to eventually cross to the upside, a very bullish sign.
I think the $65 level will be somewhat resistive, but the pull back from that level should be another opportunity to add to a long position, or for those who are a bit late simply a chance to get involved. I have no interest in selling the market right now.
$FUT:WTI原油主连(CLmain)$
$三倍做空原油ETN(DWT)$
$三倍做多原油ETN(UWT)$
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