(VIANEWS) – The West Texas Intermediate Crude Oil market fell considerably throughout the trading day on Tuesday, closing just below the $67.50 level. This is an area that has historically been key, so we may see a bit of a rebound from here, maybe hitting the $70 level. The $70 mark is a huge, round, psychologically significant figure, and I believe many people will be watching it closely. In addition, there is the 50-day EMA in the same approximate region.
DailyForex has verified that if we break below the bottom of the hammer, the market may go below the psychologically crucial $65 level, opening the door to a move towards the $60 level, where the 200-day EMA is located. At this time, we may be more likely than not to see a recovery, but the market may not be able to break out above the $70 level without some sort of trigger.
The most recent noise has been caused by options markets being way too heavily leveraged to the bullish side, and as a result, we are going to see quite a bit of shaking out in the process.
OPEC+ has come to some type of an agreement when it comes to the idea of production, which is something that the market desperately needed.
Crude Oil (CL=f) is currently on bullish momentum. At 06:04 EST on Wednesday, 21 July, Crude Oil (CL=f) is at $68.06 and 1.28% up since the last session’s close.
Today’s last reported volume for Crude Oil is 90094, 100% below its average volume of 53029091367.25.
Crude Oil Range
Regarding Crude Oil’s daily highs and lows, it’s 4.37% up from its trailing 24 hours low of $65.21 and 0.606% up from its trailing 24 hours high of $67.65.
Crude Oil’s last week, last month’s, and last quarter’s current volatility was a negative 1.82%, a negative 0.41%, and a positive 1.22%, 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 2.51% (last week), 1.44% (last month), and 1.22% (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=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).