Will crude oil find its direction? Get our daily forecast here
market exhibited a slightly negative tone during Monday's trading session, but it's important to note that it was Memorial Day, resulting in limited activity dominated by electronic trading. persists, and a breakthrough above that level could potentially propel the WTI grade towards the $75 mark, and even higher to around $79 where the 200-Day EMA is converging.
If the price manages to break above that level, it will necessitate testing the $80 level, which holds considerable psychological significance as a major round figure. Conversely, a decline below the $75 level would likely lead to a test of the $72.50 level. Expectations for the crude oil markets include a high probability of noisy price action and increased. Given the current circumstances, choppiness is likely to prevail. However, over time, a more definitive direction is anticipated. It is important to brace for noise and volatility as the dominant features of the market. A break above the 50-Day EMA could potentially introduce some momentum to the market.
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