WTI Crude Oil Technical Analysis
The light sweet crude market has rallied slightly in the early hours on. Thursday, as we continue to see a lot of noisy behavior. That being said, we are in the midst of consolidation, and I think it’s going to be difficult to break out one way or the other, but I also recognize that we have a situation where we’ll be getting inventory numbers, and of course, we have seen a lot of support near the $70 level.
If we can break above the $74 level, which is essentially the 200-day EMA, it opens up the possibility of a move to the $78.50 level. I think that will happen eventually, but I don’t think it’s going to happen easily. I think we continue to see a lot of noise.
