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Crude Oil Price Forecast – Crude Oil Markets Continue to Find Buyers On Dips

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·2 min read
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  • BNO
  • CL=F
  • SI=F
  • ZI=F

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen a bit during the course of the trading session on Tuesday, only to turn around and rally. That being said, the market is likely to see the $85 level above as a significant psychological barrier. The $85 level has offered quite a bit of resistance in the last 24 hours, but I think this is only going to be a temporary situation as the demand for crude oil continues to skyrocket. The shooting star on Monday being broken to the upside would kick off the next leg higher. On the other hand, if we pull back from here, I think there should be a significant amount of support at the $80 level. At this juncture, the absolute “floor the market” is at the $75 level where the 50 day EMA currently sits.

Crude Oil Video 27.10.21

Brent

Brent markets also pulled back during the trading session with the $85 level offering a significant amount of support. That being said, it looks as if we are ready to hang about and consolidate in general. Even if we break down below there, the $83.50 level could be supportive. The market is one that quite frankly continues to see plenty of momentum, and I think it is only a matter of time before value hunters come back into the picture in order to push the market towards the $90 level, possibly even higher than that. At this point in time, I have no interest whatsoever in trying to short this market, due to the fact that it is essentially a “one-way trade” at the moment.

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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