WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied during the trading session on Thursday to show slight gains, but as you can see, we have struggled to continue the upward momentum. I would not read too much into this other than the fact that we are trying to consolidate the recent parabolic gains, and that it still looks like we favor the upside overall. Because of this, I think short-term traders will continue to buy dips, and it is probably only a matter of time before we go looking towards the $82.50 level. The market sees plenty of support just below at the $77.50 level as well, so I do not think that any dip will be of a larger magnitude.
Crude Oil Video 15.10.21
Brent markets also have shown quite a bit of bullish pressure overall, but we continue to struggle going higher in the short term. I think that is simply going to end up being a buying opportunity as we try to figure out what the next catalyst will be to the upside. Ultimately, I do think that the market will eventually break the $85 level and go looking towards the $90 level. The $90 level of course will attract a lot of attention, but at this point in time it seems to be all but a foregone conclusion that we at least get there. To the downside, I believe that the $80 level continues offer plenty of support, so I like the idea of buying dips as a potential opportunity to pick up a little bit of value. I have no interest whatsoever in trying to short this market.
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This article was originally posted on FX Empire