WTI Crude Oil
The West Texas Intermediate Crude Oil market has fallen rather hard during the course of the trading session on Thursday as we await official figures again. At this point in time, the market looks as if it is trying to hang on to the $81 level but given enough time, I do think that it is probably a market that is going to continue to push to the upside. Any pullback at this point in time more than likely to be bought into because demand is going to be picking up while we have a structural deficiency when it comes to supply. I look at any dip as a potential buying opportunity, as demand for crude oil will continue to be a major driver of where we go next.
Crude Oil Video 22.10.21
Brent markets are also doing everything they can to hang onto the uptrend, but I think that a pullback towards the $82.50 level and of course the $80 level both could offer plenty of buying opportunities. At this point in time, think the market probably continues to find buyers based upon value, and while the 50 day EMA is likely to go looking towards $80 level in order to find support. Looking at this chart, I have no interest in shorting this market and I do believe that it is only a matter of time before we go looking towards the $90 level. That being said, pay attention to the US dollar as well, because if it continues to fall in value, then it is likely to be yet another propellant for oil markets. I have no interest in shorting, I think it is only a matter of time before you get long yet again.
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This article was originally posted on FX Empire