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Crude Oil Price Forecast – Crude Oil Markets Continue to Pressure Recent Highs

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·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Tuesday, but then pulled back to reach towards the $83 level. At this point, there is a significant amount of support underneath, extending down to at least the $82.50 level in the short term, and more likely than not we will see the $80 level also offers significant support as it is not only a large, round, psychologically significant figure, but it is also where the 50 day EMA is starting to reach towards. Underneath there, then the $75 level would be massive support as well, as it was the previous resistance barrier that we had broken out of.

Crude Oil Video 03.11.21

Brent

Brent market traders have pushed this market towards the $85 level, which of course is a psychologically significant figure, and an area that has shown a little bit of a gap to form in the market. Nonetheless, we have been recovering every time this market pulls back, and it suggests that we are trying to build up enough momentum to finally make a bigger move. Because of this, I do believe that it is probably only a matter of time before we break out and continue to go much higher.

The 50 day EMA currently sits just below the $80 level, so I believe it is likely to be the “floor in the market”, and therefore I think at this point in time that plenty of buyers will be looking for little bits and pieces of strength in order to take advantage of the possibility of “cheap oil.”

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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