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Crude Oil Price Forecast – Crude Oil Markets Struggling to Bounce Again

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·1 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has recovered quite nicely after initially selling off during the trading day on Thursday. By doing so, the market looks as if it is trying to recover and continue the overall uptrend. The $80 level underneath should offer a significant amount of support as it is not only an area that has already shown signs of support, but it is also a psychologically important figure. The 50 day EMA sits above the $75 level, and I now believe the $75 level underneath as being the overall “floor in the market.”

Crude Oil Video 29.10.21

Brent

Brent markets have also fallen but turned around to show signs of life again. By bouncing the way, they have, it certainly looks as if the buyers are trying to get involved and save the entire uptrend. Quite frankly, demand for crude oil should continue to skyrocket going forward, so therefore I think it is probably only a matter of time before we see some type of recovery. If we break down below the bottom of the candlestick, then I think the next major support level is at the $80 level where the 50 day EMA currently is racing towards. I have no interest whatsoever in shorting crude oil, it is far too strong and far too fundamentally important for the reopening trade. I like the idea of buying the dips, just like the one we have had over the last couple of days.

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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