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Crude Oil Price Forecast – Crude Oil Markets Running Out of Momentum

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the course of the trading session on Tuesday, as the parabolic run continues. That being said, we are starting to run out of momentum a little bit, which makes sense considering that you cannot go straight up in the air forever. The impending pullback is what I am waiting for, so that I can pick up a little bit of value in a market that is obviously switching over to a very bullish attitude. The first place I will look will be the 50 day EMA, and then after that maybe the $72.75 level. Either way, I am not selling this market, and I do think that eventually we probably get to the $80 level.

Crude Oil Video 29.12.21

Brent

Brent markets of course look very much the same, reaching higher but struggling a bit to continue the ridiculous momentum that we have had. The market will more than likely find support below under the 50 day EMA, so that is what I am hoping to see in order to find an of value to start buying yet again. Longer-term, I think the market is probably going to go looking towards $85 level, now that traders are worried less about the omicron variant.

At this point, it is a buy on the dips type of scenario and I just do not see that changing anytime soon. Between now and the end of the year is going to be very thin, so keep that in mind as it could make it a very noisy couple of trading sessions. Either way, what am looking for is some type of value that I can take advantage of.

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This article was originally posted on FX Empire

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