WTI Crude Oil
The West Texas Intermediate Crude Oil market has shown itself to be bullish, as we have broken above the $73 level. By doing so, the market looks as if it wants to go looking towards the $75 level again, and it also helps that we have bounced from the 50 day EMA with a neutral candlestick. By doing so, the market looks as if it is ready to continue going higher, and at this point in time I think short-term pullbacks will continue to be a buying opportunity. At this point, I would not be interested in shorting this market until we break down below the $67.50 level, which at that point in time I think the market probably goes looking towards the 200 day EMA. That being said, it seems very unlikely that will happen.
Crude Oil Video 24.09.21
Brent markets have also rallied during the trading session, to test the $76 level. The $76 level is an area that has seen a little bit of noise in the past, but quite frankly this is a market that should blow right through it. After all, the Brent market and OPEC both believe that we are going to see more demand going forward, and that suggests that we are just now starting to see the type of momentum that is necessary to continue the overall uptrend. Recently, Goldman Sachs has suggested that Brent could hit $90 a barrel if we get a cold winter, mainly due to disruptions in the natural gas supply. All things been equal, this looks like it remains to be a “buy on the dips” type of situation.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire