(VIANEWS) – On Friday, the West Texas Intermediate Crude Oil Market fell towards $70. This is an important psychological level that will draw a lot attention. We have tested the support level for it before, and the 50 day EMA seems to be heading towards this level. Although this market will continue to show choppy behavior it is very encouraging if the session can be broken above the top.
DailyForex reports that a breakout to the upside could lead to this market moving backwards in its overall consolidation pattern that extends to about $75. This market, which had been bullish in recent times, must now start to digest gains. It is likely based on the idea that trade will reopen and increased global demand for crude oil. Despite this, OPEC+ is still struggling to produce the right numbers and could cause more problems. If we get any kind of news over the weekend it’s very possible that Monday will begin with a rally and a gap to one side.
Crude Oil (CL=f) is currently on bullish momentum. At 06:04 EST on Thursday, 22 July, Crude Oil (CL=f) is at $71.11 and 1.15% up since the last session’s close.
Today’s last reported volume for Crude Oil is 74285, 100% below its average volume of 52762126451.05.
Crude Oil Range
Regarding Crude Oil’s daily highs and lows, it’s 1.325% up from its trailing 24 hours low of $70.18 and 1.095% up from its trailing 24 hours high of $70.34.
Crude Oil’s last week, last month’s, and last quarter’s current volatility was a negative 0.56%, a negative 0.20%, and a positive 1.27%, respectively.
Crude Oil’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 2.93% (last week), 1.59% (last month), and 1.27% (last quarter), respectively.
Last news about Crude Oil (CL=f)
WTI crude oil forecast: market stabilizes on Tuesday – 21 July 2021. According to DailyForex on Wednesday, 21 July, “The West Texas Intermediate Crude Oil market pulled back rather significantly during the trading session on Tuesday but then turned around to form a bit of a hammer as we closed just below the $67.50 level. ”
WTI crude oil forecast: oil bounces from major support level – 19 July 2021. According to DailyForex on Monday, 19 July, “The West Texas Intermediate Crude Oil market fell during the trading session on Friday, reaching down towards the $70 level which is a large, round, psychologically significant level and will attract a lot of attention. ”
WTI crude oil forecast: market gets crushed – 20 July 2021. According to DailyForex on Tuesday, 20 July, “The West Texas Intermediate Crude Oil market broke down significantly during the trading session on Monday as OPEC+ came to an agreement to increase crude oil production. ”
More news about Crude Oil (CL=f).