WTI crude oil
The West Texas mid-market crude oil market fell sharply enough during Monday’s trading session to slump a bit and suggest we are perhaps getting “a little toppy.” That being said, I think the market has a lot of support below, particularly near the $ 70 level and the 50-day EMA as well. All other things being equal, this is a market that I think probably offers a bit of short-term value before traders come back and try to get things under control. With China PMI numbers just above the expansion and falling, it is likely that the market will continue to question whether or not demand will continue.
SILVER Video 03.08.21
Brent markets also pulled back significantly during the trading session, as we’ll likely look to the 50-day EMA below. That being said, the market will continue to be very noisy and I think there are a lot of buyers below me. The $ 70 level below would be more likely than not, and as a result, I think we continue to consolidate and deviate more than anything else. On the other hand, if we can reach a new high, the market is likely to move towards the $ 80 level. I am looking for an opportunity to gain value but it may take a few days as the market continues to be very volatile.
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This article originally appeared on FX Empire