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Crude Oil Price Forecast – Crude Oil Markets Pull Back

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Wednesday to show signs of hesitancy, but it does look as if the $81 region is going to continue to be of interest. The market is more than likely going to find buyers somewhere between here and $80, and even if we did not, I suspect that the 50 day EMA could come into the picture to offer support as well. Ultimately, I believe that the $75 level is a major “floor the market”, due to the fact that it had previously been a swing high, and of course that has a lot of psychology behind it.

Crude Oil Video 04.11.21

Brent

Brent markets have pulled back just a bit during the trading session as well, but currently sits near the $82 level; an area that should continue to be important. The 50 day EMA is reaching towards the $80 handle and is starting to slope higher. All things been equal, you could even make an argument for this market forming a bit of a bullish flag, measuring for a move all the way up to roughly $100. That is the Wall Street consensus down the road, so it would not surprise me at all to see that happen. As things stand right now, looking to buy on the dips, and this pullback should be thought of as a bit of a gift. This does not necessarily mean that you jump into the market with both feet, but when it does suggest is that eventually we could eventually see the uptrend reassert itself through the noise.

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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