We are currently below the 50-day exponential moving average (EMA) for both grades of crude oil that I track on Wednesday’s trading session.
Monday’s trading session saw a little crude oil market rally, as it appears we are attempting to continue the breakout from the falling wedge.
Crude oil markets have fluctuated during the trading session, as this commodity continues to exhibit a great deal of turbulent activity.
In a Nutshell: Oil Tanks on Weaker US Consumer Demand Signposts and Pure Goldilocks with Not a Rabbit Hole in Sight
Despite the recent pushback from Fed officials, markets are still running “risk-on” following last week’s Fed meeting that suggested a slower path of rate increases.
Crude oil prices have fluctuated wildly this week, wiping out accounts at every opportunity. Since this is the case, you should generally avoid this market for the time being.