Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher

·2 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be rather resilient, grinding yet again to the upside. With this being the case, the market is likely to continue to see buyers on dips, especially near the $80 level. The $80 level of course is a large, round, psychologically significant figure, and will attract a lot of attention. We have tested it multiple times during the course of the week, and it looks like we continue to find the $80 level is an area of value.

If we were to break down below the $79 level, then it is possible we could go looking towards the $75 level, an area that has massive support built into it, and of course has the 50 day EMA coming into the picture as well.

WTI Oil Video 18.10.21


Brent markets also have rallied a bit during the trading session on Friday to reach towards the $85 level. The $85 level course is an area that will attract a certain amount of attention due to the fact that the markets tend to move in five dollar increments anyway. The market will more than likely find plenty of value hunters coming back into the market every time we dip, with the $80 level being a bit of a “floor in the trend.” If we break above the $85 level, then it is very likely that Brent goes looking towards the $90 level given enough time. I think we get there regardless, so at this point in time I have no interest in shorting and I do think that any time we pull back it is worth taking a look to see whether or not we get a bounce.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire


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