Crude Oil Breaks Major Resistance
WTI Crude Oil
The West Texas Intermediate Crude Oil market has shown itself to be very resilient during the course of the trading session, as we have sliced through the $100 level again. At this point, it looks like the market is ready to go much higher, and that pullbacks will continue to offer opportunities to pick up value. In other words, this is a market that I think is going much higher, but you obviously do not want to chase a market when it is up $7.
That being said, I believe that the $95 level would be an excellent area to pick up value, but it is also possible that the $100 level will end up being as low as we can go for any significant amount of time. At this point, it looks as if we are going to go racing towards the $105 level.
Crude Oil Video 02.03.22
Brent markets of course have done the same thing as we are above $104 at the time of writing. This is obviously a very bullish market, but if you are not involved in it yet, you simply must wait for some type of pullback in order to offer an of value to go higher long. The $100 level would be an excellent buying opportunity if we see any type of support show itself. I would anticipate that being the case unless of course something drastically changes. A peace deal between Russia and Ukraine could cause a short-term selling situation, but at that point, I will simply be waiting underneath in order to take advantage of the value that would represent for the overall market.
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