Is the oil price about to make a decisive move? (WTI, Crude, Brent)

By James Moore

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The oil price is looking buoyant today with both WTI Crude and Brent up 1% in this session so far.  For oil longs, it’s much more positive with the breakout of WTI from its triangular price action and a strong move above the 50 Day Moving Average (DMA).  Brent has mirrored the move, having already broken out earlier this week – its now comfortably above its 50 DMA too.

Could this be the start of the potential big move I was discussing in yesterday’s article? – We’ll have to wait and see, all eyes will be on tomorrows EIA Crude Oil Inventories report for further clues.

Author: Stuart Langelaan

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Author: James Moore

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.