WTI Crude Oil Technical Analysis
West Texas Intermediate Crude Oil markets pulled back a bit during the trading session on Monday as the $120 level has offered a certain amount of resistance. Furthermore, the market is sitting on top of the previous of trending channel. Ultimately, the market has player buys underneath, so I think it is only a matter of time before buyers will jump back in. Ultimately, the $115 level underneath could be supported, but that is based on market memory more than anything else. All things being equal if we can break above the high from the last couple of days, then the market is likely to go much higher, perhaps reaching $130.
WTI Crude Oil Technical Analysis
West Texas Intermediate Crude Oil markets pulled back a bit during the trading session on Monday as the $120 level has offered a certain amount of resistance. Furthermore, the market is sitting on top of the previous of trending channel. Ultimately, the market has player buys underneath, so I think it is only a matter of time before buyers will jump back in. Ultimately, the $115 level underneath could be supported, but that is based on market memory more than anything else. All things being equal if we can break above the high from the last couple of days, then the market is likely to go much higher, perhaps reaching $130.
Brent Crude Oil Technical Analysis
Brent markets have fallen below the $120 level, and therefore it’s likely that we will go looking for buyers underneath. This is especially true near the $115 level, and then again at the 50 Day EMA. Ultimately, I think it is only a matter of time before we would see value hunters coming back into the market, as the uptrend has been so strong in the past. All things being equal, this is a market that I think not only reaches the highs again but breaks out. Energy is out of control, and the occasional pullback does make quite a bit of sense.
One of the biggest concerns right now is whether or not the recession will sap demand, but I think we are a long way from that, and therefore I just don’t see how the trend changes anytime soon. Ultimately, this is a market that should be looking at this as an opportunity to pick up a little bit of value.