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Crude Oil Price Forecast – Crude Oil Quiet Heading Into the Holidays

Christopher Lewis
·2 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth to show signs of exhaustion in what would be a low liquidity environment. The market is hanging around the $48 level, extending all the way to the $50 level. At this point in time, short-term pullback should be thought of as buying opportunities and therefore I think we are looking at a move towards the $50 level. The $50 level is like a big juicy target that a lot of traders will be paying attention to, and the US dollar falling should continue to lift the market higher. To the downside, I think there is massive support at the $44 level. In the short term, I think we are going to have to test the $50 level yet again, but eventually lack of demand could be an issue.

Crude Oil Video 28.12.20

Brent

Brent markets went back and forth during the course of the trading session on Thursday, as we are focusing more on the holidays than anything else. Ultimately, I think that the market will probably continue to find the $50 level underneath as support. This is an area that of course is a large, round, psychologically significant figure, and therefore it has a little bit of built-in interest. The 50 day EMA is trying to reach towards the $50 level, and I think it is only a matter of time before we go higher. That being said, I think that what we are looking at here is a scenario where they are trying to build up enough momentum to go higher. However, I think that the $55 level will probably be resistance once we get there.

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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