Crude Oil Price Analysis – Crude Oil Continues to Look at a Potential Squeeze

By Christopher Lewis – FXEmpire

The light sweet crude oil market is struggling a bit in the early hours of Monday after initially rallying. We are facing a major barrier in the form of $62 and I think that is an area that you need to be very cognizant of as a potential ceiling.

Not only do we have the $62 market history, but we also have the 200-day EMA in that area as well. The 50-day EMA sits right around the $59 level, and I think that is your short-term floor. This market likes to bounce around and range trade quite a bit. That might be what we are getting ready to do in this market.