Crude Oil Prices Stall at 50-Day EMAs Amid Geopolitical Caution
The prices of WTI and Brent crude oil have been stalled at their 50-day exponential moving averages (EMAs), causing caution among traders. The current price of Brent crude is $87.02, sitting above both EMAs with support near the $85 level.
According to TradingView, the market for Brent crude appears to be forming a shooting star pattern, indicating a lack of conviction among investors. This comes as volume has been decreasing in recent days, likely due to traders taking a wait-and-see approach heading into the weekend.
The Strait is still closed, and it seems unlikely that it will open soon, adding to the market's uncertainty. Despite some media tensions between the US and Iran, no major military action has occurred, which is seen as positive news for the market.