Saudi Energy Minister said OPEC+ could cut oil production to correct imbalances. The downtrend from the June and July swing highs has broken, and crude oil prices are trading above their daily 21-EMA (one-month moving average).
Crude oil prices are attempting to break the downtrend from the mid-June and late-July swing highs, and in turn are working on their first daily close above their daily 21-EMA since June 16. Momentum is turning bullish, with crude oil prices above their daily 5-, 8-, 13-, and 21-EMA envelope, which is in neither bearish nor bullish sequential order. Daily MACD is rising albeit still below its signal line, while daily Slow Stochastics have moved above their median line.
that “a move above the daily 21-EMA would…offer the greatest confidence that the sell-off has finished,” it is possible that crude oil prices are on the precipice of their next leg higher.Bearish momentum has started to ease on the weekly timeframe as well. Crude oil prices are working on their first close above their weekly 4-EMA for the first time since the week of June 6, though remain below their weekly 8- and 13-EMAs.
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