(VIANEWS) – The West Texas Intermediate Crude Oil market fell sharply during the trading session on Monday as a result of China’s less-than-optimistic PMI numbers bringing uncertainly about the future. It is also worth noting the 50.4 PMI numbers out of China, which indicates that there are continuing expansions in this part of the globe. If this is the case, then China will continue to be the second largest crude oil consumer in the world. This means that we may see some reaction from the market to the upside, even though the initial reaction was a little too strong.
DailyForex stated that below the $70 level there might be some support because it’s a big, round and psychologically important figure. This is particularly true when you consider that the 50-day EMA sits right there and there will possibly be a lot more noise around that area. The market might also likely look towards the $65 mark if we fail to reach that level. This has proven to be crucial as it helped to create a significant bounce in the past. Since we’ve been in an uptrend for quite some time now, it might be a good idea to purchase support when it happens.
Crude Oil (CL) is currently on bullish momentum. At 13:04 EST on Tuesday, 3 August, Crude Oil (CL) is at $70.57 and 5.41% up since the last session’s close.
Today’s last reported volume for Crude Oil is 405261, 100% below its average volume of 51045054512.57.
Crude Oil Range
Regarding Crude Oil’s daily highs and lows, it’s 1.016% up from its trailing 14 days low of $69.86 and 4.931% down from its trailing 14 days high of $74.23.
Crude Oil’s last week, last month’s, and last quarter’s current volatility was a positive 0.26%, a negative 0.04%, and a positive 1.24%, 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 0.41% (last week), 1.64% (last month), and 1.24% (last quarter), respectively.
Commodity Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Crude Oil’s commodity is considered to be overbought (>=80).
Last news about Crude Oil (CL)
WTI crude oil forecast: market continues to plow higher – 02 August 2021. According to DailyForex on Monday, 2 August, “The West Texas Intermediate Crude Oil market continued to show signs of strength during the trading session on Friday as it tried to break towards the $75 level. ”
WTI crude oil forecast: market breaks towards 50-day EMA – 03 August 2021. According to DailyForex on Tuesday, 3 August, “The West Texas Intermediate Crude Oil market fell rather hard during the trading session on Monday as we have gotten less-than-enthusiastic PMI figures from China. ”
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