WTI Crude Oil
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Christmas Eve, reaching to the upside and continuing the overall long-term uptrend. At this point, we are close to the end of the resistance barrier, suggesting that the market is going to try to break out. With OPEC cutting production recently, it’s likely that we will continue to see a bit of bullish pressure. That being said though, demand is a question but with the United States and China looking a little bit more optimistic as far as a resolution is concerned, so ultimately this is a good sign for demand in crude oil, so at this point it looks as if the buyers are going to try to break this market out. Above the $62 level this market suddenly enters a fresh leg of bullishness. To the downside, the $60 level should be supported.
Oil Forecast Video 26.12.19
Brent markets also look very bullish, as they are approaching the $67.50 level. That is the point where the market will break out yet again and leave this consolidation area behind. If it does, it’s likely that Brent will find its way to the $70.00 level rather quickly. Pullbacks at this point should continue to show plenty of support, extending all the way down to at least the $65 level. I have no interest in trying to short this market right now, at least not until we break down below that level at the very least. Brent looks very bullish, and likely to break out over the next several trading sessions. The fact that the market has pressed this high is a good sign.
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This article was originally posted on FX Empire
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