Oil Price technical analyst predicts higher prices

[dan_s]

The West Texas Intermediate Crude Oil market has gapped a little bit lower during the trading session on Wednesday to hang about the 200 day EMA. However, the Tuesday candlestick which was so bullish tells me that we are more likely than not to turn around and rally. If we can break above the highs from the Tuesday session, then it is very likely that we go looking towards the $49 level via the $45 level above. The $40 level underneath continues to be massive support, an area that has been rather supportive of the last couple of weeks. The 50 day EMA underneath is even more supportive, so I think this is a “buy on the dips” type of scenario.

This was published before this afternoon's strong rebound: https://finance.yahoo.com/news/crude-oi ... 24877.html

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