CrudeOil Signal: On a break below the $79 level, the US Oil market could be sold with the expectation of a gap fill. forexsignal TradingSignals
is currently sitting at the $75.44 level and rising, which is at the bottom of the gap. It is worth noting that gaps in futures markets tend to get filled given enough time, so a short-term pullback could be expected. If the market does experience a pullback followed by a bounce, it could be a very bullish sign.
After all, what is it that those oil ministers are seeing that the rest of the market isn’t? This is an important question going forward. Gaps almost always get filled given enough time, and futures traders are aware of this.Meanwhile, Brent crude oil has been relatively bullish during Tuesday's trading session, reaching the highs of Monday's session. However, the 200-Day EMA currently sits just above the $87 level and is dropping, which could cause significant resistance.
A pullback followed by a bounce at the bottom of the gap could be a bullish sign, while a breakdown below the gap could send the market down to the $75 level.
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