Anyone Itching to Buy the Pullback in Oil at MAs?
Crude Oil has retreated lower, but it's finding support at the 50 SMA
It’s a slow start for the new week, with none of the intense swings we saw last week, apart from the considerable retreat in cryptos. I suspect that ceasefire won’t last throughout markets but an early mover is crude Oil.
It was higher during the Asian session, but has turned lower early in the US session. That was also the playbook price action last week so it’s something to keep an eye on. As for the price action, UK Brent crude topped out at $70.03 and is down to $68.29 so that’s a sizeable swing. WTI is down to $64.50 from a high of $66.40.
None of it really changes the picture. Oil is consolidating near the recent highs and initial support is $63.13 in WTI, which was last week’s low. Although, Oil is finding support at the 50 SMA (yellow) on the H4 chart, above $ 64. This might be a good opportunity to go long on Oil, but the stochastic indicator is not oversold yet, so we are waiting until it becomes oversold and probably go long then.
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