Crude Oil Daily Forecast and Technical Analysis for April 24, 2024, by Chris Lewis for FX Empire

Crude Oil Daily Forecast and Technical Analysis for April 24, 2024, by Chris Lewis for FX Empire

oil pulls back as we continue to see
mass chaos this is Chris Lewis from FX
Empire taking a look at the crude oil
Market the west Texas intermediate
Market has pulled back just a bit during
the early hours on Wednesday as we
continue to bounce around in the same
consolidation area quite frankly at this
point crude oil has essentially become
untradable because of the volatility
being all over the place we are in a
situation where it would only take one
headline out of the Middle East to send
this Market straight up in the air $10
on the other hand if things stay Cal
then we may be trying to settle into a
consolidation area and quite frankly
that’s what I’m hoping for because then
it becomes a market that we can get our
hands around the $80 level underneath
could be a support level right along
with the 50-day EMA which has proven
itself to be important over the last
couple of
days on the upside the $85 level has
been resistance so we’ll see if that
holds but right now we’re in the middle
of it so it’s just a mess Brent looks
very much the same as it is in the
middle of its consolidation area
currently hanging around the $87 level
this is a market that I think given
enough time probably looks at this
through the prism of buying on the dip
but that’s going to be closer to either
the 50-day EMA or the
$84.50 level again Brent is going to
have the same problem WTI Crude oil has
and that is that simply it’s based on
the latest rumor drama headline false
headline you name it the $90 level above
continues to be in ceiling while I am
bullish longer term I buy dips I don’t
jump in with both feet if you like the
video give me a thumbs up and subscribe
[Music]

The crude market is one of the most difficult ones to grasp at the moment, as it seemingly is moving on to the latest headline, rumor, or even false headline out of the Middle East. Furthermore, it is cyclically strong this time of year, but at the same time, there are concerns that the economy may be slowing.

For the full article:
https://www.fxempire.com/forecasts/article/crude-oil-price-forecast-crude-continues-to-move-on-headlines-1425837/

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