A break above the 50-day EMA opens up the possibility of reaching the $85 level, but I don’t necessarily see it as the easiest path. The West Texas Intermediate crude oil market moved back and forth during Thursday’s session as we continue to see a lot of bullish behavior just below the 50-day EMA. The $ , $80 level is also slightly above there, so it’s probably worth keeping an eye on as the market will almost certainly face major resistance. Having said that, we probably won’t see much Brownian movement, which is a lot, between now and the end of the year. Advertisement Take advantage of today’s crude oil movements Trading Honestly, if you’re trading this time of year, shame on you. Liquidity is broken, to say the least, and most major players, including advertising, are now out of the market. As we head into the new year, we’ll have to decide if the market tries to go higher or lower, but right now I think an imminent bounce makes sense. A break above the 50-day EMA opens up the possibility of reaching the $85 level, but I don’t necessarily see it as the easiest path. Market Will Probably Fall On the downside, if Thursday’s session goes under the hammer, it’s likely the market will fall to the $75 level, maybe even the $70 level. The $70 level has recently provided a significant bottom and support level, so if we break through it, it would be bad news for the oil market, to say the least. I think right now you’re looking at a very back-and-forth market trying to find its way, so remember that liquidity makes the market do strange things, but until global growth changes its outlook, I just don’t see how you can get crude oil or too bullish on any other energy. There is a structural problem with supply, but demand is falling off a cliff, so that wipes it out. At this point I believe we are going down, but I also understand that most of the easy money is getting worse right now. After all, now that the Biden administration will replenish all the bought votes by releasing the strategic oil reserve, the US will come and support this market sooner rather than later.