Crude Oil Price Forecast – Crude Oil Breaks Out of Resistance
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market rallied again during the trading session on Tuesday to break above significant resistance. At this point, it’s obvious crude oil is going much higher, and it would not surprise me at all to see the WTI grade look to reach the $130 level. With this in mind, the short-term dip should continue to be buying opportunities, and as a result, it’s likely that we will see plenty of buyers coming in every time we get a move lower. I cannot think of an opportunity to sell this market anytime soon, at least not as long as we are above the 50 Day EMA. That is $13 under current pricing.
Crude Oil Prices Forecast Video 01.06.22
Brent Crude Oil Technical Analysis
Brent markets have broken out as well, and are currently threatening the $120 level. It’s likely that we will continue to see an attempt to break out above there, perhaps opening up the possibility of a move to the $130 level. The $115 level underneath should be a significant support level as we had broken above there, and at this point in time I think that the Brent market is very much the same as the WTI market, in the sense that buyers will continue to pick up value every time they get an opportunity. I have no interest in shorting this market, and I don’t think that we will have a chance to do it anytime soon. In fact, I will not be surprised at all to see Brent break the recent highs, sending the market toward the $140 level. We are about to see extraordinarily volatile and dangerous markets.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
