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Crude Oil Price Forecast – Crude Oil Markets Looking for Bottom

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has been very volatile during the trading session on Thursday, plunging as OPEC voted to continue the schedule of 400,000 barrels a day increase going forward. Some traders have speculated that maybe they would not, and I am the first to admit that I was one of them, and therefore price plunged. However, something happened later in the day as we started to see a bit of stability. At this point, it is very likely that a bounce is coming at the very least. Because of this, I think we could go looking towards the 200 day EMA. If we break down below the bottom of the candlestick for the Thursday session though, that would be a lot of trouble.

Crude Oil Video 03.12.21

Brent

Brent markets of course followed the same path that WTI did, for all of the same reasons. That being said, the market is likely to continue seeing a lot of noisy behavior, but I do think that we are rapidly trying to approach the bottom. Because of this, if we can break above that 200 day EMA, I think this market takes off. Whether or not we go to the all-time highs would be a completely different question obviously but losing 20% as quickly as we have is a bit overdone from what I can tell. If we do break down below that hammer from the Thursday session though, it could really get the selloff accelerated and make it quite brutal.

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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