WTI Crude Oil
The West Texas Intermediate Crude Oil market has shown itself to be resilient as we have rallied during the Friday session, showing that traders are not concerned at all about hanging onto crude oil into the weekend. That being said, short-term pullbacks continue to offer buying opportunities and I do believe that there is a significant amount of support underneath at the $67.50 level, which was the top of the overall ascending triangle. That is your “floor the market” as you would expect, and as a result I think that dips are to be bought into. The $75 level should continue to be a bit of a target.
Crude Oil Video 14.06.21
Brent markets have also rallied during the day on Friday reaching into the weekend, and therefore it looks like we are ready to go towards the $75 level, and then of course the $77.50 level. After this, we could go as high as the $80 level, based upon the measured move of the ascending triangle. The 50 day EMA underneath would offer a significant amount of support if somehow, we break down below there, as the uptrend line sits underneath there as well. All things been equal, we are in an uptrend, so I think that is all that matters and when you look at the chart, we are going from the lower left to the upper right and therefore there is no reason to fight where the momentum is going. All things been equal, this is a market that I think continues to see a lot of buying.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire