OIL 1D | Market View

- The West Texas Intermediate Crude Oil market initially dropped a bit during the trading session on Thursday but then turned around to slam into the 200 day EMA. Ultimately, this is a market that will continue to struggle to break out to the upside, but it certainly has a bit of a bid underneath it. The market breaking above the 200 day EMA on a daily close would be a signal that we are going to the $49 level. Until then, it is more of a “buy on the dips” type of market as we have seen time and time again.