Crude Oil Markets Continue Parabolic Run

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the trading session on Tuesday to show even more parabolic behavior. Ultimately, this is a market that has gotten out of hand, much like a lot of other currencies. At this point, it looks like the $130 level is offering a little bit of resistance, but at this point in time, I just do not see how buyers do not come in on short-term dips. I believe that the $120 level should be supportive, and most certainly the $110 level will be.

Crude Oil Video 09.03.22

Brent

Brent markets are also going parabolic, as the $130 level has been pierced again for the second day in a row. Ultimately, I think this is a market that is the pullback as a got out of hand, and I think ultimately, we will see buyers coming back in on dips over here as well. The $120 level would be the first area in that I would anticipate a lot of buying pressure, followed by the $110 level.

The $100 level underneath is a large, round, psychologically significant number that I think is essentially the bottom of the trend, so as long as we can stay above that level, I think that the only thing you can do is buy this market. Granted, you need to see a pullback in order to find a little bit of value, so quite a bit of patience will be needed to take advantage of this market that has such a huge uptrend and it. Expect volatility and keep your trading position small enough to ride through the waves.

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