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Friday, February 23, 2024
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    Crude Oil Market Shows Strength with Friday Rally

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    Crude oil markets experienced a rally on Friday, displaying signs of strength after a period of tight consolidation. The West Texas Intermediate (WTI) Crude Oil market showed upward movement, surpassing the $70 level. While the 50-Day Exponential Moving Average (EMA) may be a target, it is considered insignificant within the overall consolidation range. The next significant level of resistance is at $75, marking the upper boundary of the consolidation range.

    The $67.50 level provides a level of support, extending down to $65. Historically, the $65 level has acted as a solid floor for the market. However, it is important to note that recent highs have been decreasing, indicating a noisy and choppy market that remains in consolidation despite recent bullishness.

    Similarly, the Brent Crude Oil market also witnessed a rally during the week, approaching the 50-Day EMA. The $77.50 level presents a potential barrier and ceiling for the market, while the $71.50 level serves as a possible support. Despite the Friday rally, the market remains within the consolidation area, forming a basing pattern. Currently, there is a lot of noise, but a breakout from this range is expected in the future.

    The breakout from the consolidation range in either market could lead to a significant $10 move. Although such a development would be a major event, the current situation suggests that the market is in the typical “summer range” that is observed annually. It appears that traders are biding their time until a clearer picture emerges for the longer-term trend.

    The crude oil market showed strength with a Friday rally, indicating a potential breakthrough from the consolidation range. Both the WTI and Brent markets have encountered resistance levels, but the overall sentiment suggests a basing pattern and the possibility of a breakout in the future. Traders are closely watching for further developments to determine the next direction of the market.

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