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Crude Oil Markets Continue to Break Out

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Wednesday to show signs of even more strength in a market that has seen quite a bit of bullish pressure over the longer term. That being said, I think that the market probably continues to go much higher, as we see a lot of concerns about OPEC being able to produce enough oil for the reopening trade. That being said, the market is going to continue to be more of a “buy on the dip” situation, as value hunters continue to come into the market and find value every time we get the opportunity.

Crude Oil Video 27.01.22

Brent

Brent markets have broken higher during the course of the trading session as well to clear the $87 level. That being said, the market is likely to continue seeing buying opportunities. Brent should continue to follow the WTI market, and it is likely that we could continue to see plenty of momentum. Any time we pull back, there will be plenty of buyers jumping in to pick up value and take advantage of any type of value that comes back in. The $80 level underneath will be the absolute “floor the market”, especially as the 50 day EMA is reaching towards there. I suspect we probably get to the $95 level quicker than the $80 level as we are so bullish and quite frankly energy has been one of the few trades that has worked overall. All things been equal, this is a market that I think continues to offer plenty of buying opportunities.

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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