WTI CrudeOil Plunges to the 200 Day EMA -
and the 50 Day EMA, which quite often will be a very noisy area, to say the least. Ultimately, the market is sitting just below the $100 level, which of course can cause a little bit of trouble as well.The previous uptrend line of course is going to have a certain amount of “market memory” built into it, therefore I think it looks as if that could be a primary for sellers to come back in.
Breaking above that could of course be a very bullish sign, and it could open up the possibility of a move to the $120 level. The size of the candlestick for the training session on Thursday does suggest that perhaps we are going to continue to see plenty of selling pressure, as we are closing towards the bottom of it. Ultimately, the market is going to continue to be noisy in general, so therefore you need to.
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