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Crude Oil Price Forecast – Crude Oil Markets Bounce From Initial Selling

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·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market initially fell during the trading session on Friday but then turned around to show signs of life again. By doing so, the market is likely to continue to see buyers as we build a bullish flag, or perhaps some type of consolidation area that will allow more upward pressure. The $85 level above is a large, round, psychologically significant figure, but it is also a structural resistance barrier. Once we get above there, it opens up a much bigger move, with an eye on the $90 level in the immediate future, but quite frankly oil is projected to go much higher than that.

Crude Oil Video 15.11.21

Brent

Brent markets also have pulled back a bit during the course of the trading session on Friday only to turn around and show signs of life again. By forming a hammer, it does suggest that we are going to go higher, perhaps reaching towards the $85 level. The 50 day EMA sits just above the $80.55 level, and therefore it looks as if it is climbing. All things being equal, this is a market that should continue to see plenty of upward pressure, but there is the fear of buying and releasing the Strategic Petroleum Reserve, which could have a bit of a knock on effect over in this market as well.

Regardless, demand for crude oil will continue to climb so therefore the trend remains very bullish. In fact, I have absolutely no interest in shorting this market anytime soon and have not even thought about it for the last several months. If we were to break down below the $75 level, then I may have to reconsider some things, but until then, this is a very bullish market.

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This article was originally posted on FX Empire

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