The West Texas Intermediate Crude Oil market has rallied a bit Friday as the 200-day EMA continues to offer a bit of dynamic support. At this point, you should also pay close attention to the idea of the indicator offering support, as well as the hammer from the Thursday session showing signs of life. At this point, the market then looks as if it is going to threaten the $100 level above
If we were to break above the $100 level, then it’s possible that the market could make an attempt to get to the $105 level, which is an area we had sold off from previously. It’s worth noting that the previous uptrend line has been important multiple times, so if we were to break above all of that, then you could see the market continue the overall uptrend. That being said, the market is going to continue to have a lot of noise around it, not the least of which is the fact that we may be heading into a recession.