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Crude Oil Price Forecast – Crude Oil Markets Quiet

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·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied ever so slightly during the trading session on Wednesday as we are hanging right around the $71.50 level. Any signs of exhaustion in this area will more than likely be jumped upon, as we are near a significant resistance barrier. That being said, I think the market is more likely than not to show signs of a pullback in this general vicinity. Keep in mind that a lot of traders will not be jumping into the market this time of year, so with that being said, I am looking for signs of exhaustion’s to jump upon.

Crude Oil Video 23.12.21

Brent

Brent markets also have been slightly positive during the trading session, but certainly does not look like it is ready to take off to the upside for any significant amount of time. The recent reaction has been very strong, but at the end of the day the market is more likely than not going to chop around in a range, which makes quite a bit of sense considering we are at the end of the year, and a lot of people will not be wanting to jump into the market with huge amounts the $70 level underneath is massive support, just as the $76.50 level above is massive resistance. We are much closer to the resistance level than the support level, so I do favor the downside, but I have to have a signal kick off in order to start shorting. Regardless, your position size should be small due to the fact that the liquidity could be difficult.

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This article was originally posted on FX Empire

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