While I support this, all things being equal, I can also make a case for the downsides. West Texas Intermediate Crude Oil crude oil market was slightly lower during trading on Thursday, testing the 50-day EMA. Remember that this market is very volatile and of course many different factors are putting pressure on you. Because of that I don’t know if I could get a serious clear deal, at least not very easily. Advertisement Take advantage of today’s changes in crude oil Trade now It’s also worth noting that a break between the 50-day EMA and the 200-day EMA usually means we’re making a bigger move, and quite often you’ll see a pretty explosive one a candlestick given enough time. Basically, that’s what I expect here, because the biggest problem for oil is uncertainty about the global economy. After all, oil is the lifeblood of the global economy and tends to rise and fall with financial fortunes. We expect a lot of back and forth One of our biggest problems right now is that China’s economy is constantly stalling, so it’s the largest consumer of crude oil in the world, which is constantly stopping and starting. This means that the band is considerably less Chinese than usual. If you add to that the fear of a global recession, you can see where there would be a lot of concern in the oil market. Less demand naturally means a lower price if there is enough time. However, it is also worth noting that OPEC previously cut production by 2 million barrels per day, suggesting that we are likely to see an increase in prices. We recently crossed the short-term barrier and exited a clear descending channel. Both are very good signs, but that doesn’t necessarily mean oil has the easiest path higher. In fact, I expect that even though we are very bullish, the reality is that it is probably only a matter of time before we get a lift every now and then. While I support this, all things being equal, I can also make a case for the downsides. A break below the $82.50 level is likely to be highly negative. On the other hand, if you break above the 200-day EMA, it is likely that this market will continue to recover and move higher. Expect a lot of back and forth between the two levels.