Petróleo Crudo WTI
He West Texas Intermediate Crude Oil Market It has fallen very slightly in the trading session on Friday, while we are just below the 20-day exponential moving average (EMA). The 50-day EMA is below and should continue to offer support. I think that between these two moving averages there is a “support zone” and therefore I am clear that sooner or later the buyers will end up returning to the market. The US dollar has strengthened a bit during the day and that has put downward pressure on oil, but in the end what matters is that the US dollar is in a downward cycle and that should continue to drive this market from now on.
Crude Oil Video 03.08.20
The Brent markets They also appear to be standing still as they move around the 20-day EMA. The 50-day EMA is below and also generates a “support zone” so I believe here it is also a matter of time for buyers to return. The level at $ 45 is an obvious resistance barrier, not only because it is a round number, important and psychologically significant, but it is also the top of a previous differential that marks a very clear pattern on the chart. For this reason I believe that we will continue to oscillate in this general region and that at some point we will make a broader movement. In the short term it seems that the best way to trade is to try to take advantage of the oscillations in the range.
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This article was originally posted on FX Empire