- The crude oil market has shown itself to be rather feckless during the trading session yet again on Thursday as we just don't have anywhere to be.
- We are in the midst of trying to form some type of basing pattern, but really at this point, it looks pretty weak.
- So, I think you're just killing time here. If you're a short-term trader going back and forth, this is heaven for you.
If you're looking for any significant gains or losses, you are probably just hurting at the moment because there's nothing to do here. The 50 day EMA has offered a certain amount of resistance. And as the United States announced that it was slowing down economically, we then saw the oil market fall apart because the idea of course is there will be less demand. However, we have bounced again from the $60 region. So, I think you have a situation where we are just trying to form a basing pattern, maybe for later this summer. I just don't know. Normally by now we would be heading higher.
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Plenty of Worries
There are concerns about, again, the recession, but oil also will quite often front run the recovery. So, this is going to be an important chart to watch. As things stand right now, we had formed a major double bottom at the $65 level, and I think that of course is worth paying attention to, but ultimately, I think you're just stuck in a range here of about $4 and you'll just trade back and forth until we get some type of resolution to this area. I still favor the upside despite the fact that we've seen a sell off during the day, but I also recognize we need some type of catalyst until then traders just going to push this thing back and forth.
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