Crude Oil Markets Continue to March Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the trading session on Monday as we are approaching the $109 level, an area that recently had caused a bit of resistance. By reaching this area, it is likely that we will conclude to see noisy behavior but at this point in time I believe that pullbacks will continue to offer buying opportunities with the 50 Day EMA underneath offering support right along with the uptrend line as you can see has been the case for some time. If we can break above the $110 level, then I think it is likely that we go looking towards the $125 level eventually. That being said, we were a little overdone, so it does make sense that we pull back at this point.

Crude Oil Video 22.03.22

Brent

Brent markets also have rallied quite significantly, but unlike the WTI, Brent has actually managed to break through a certain amount of resistance. The size of the candlestick is relatively impressive, so short-term pullbacks will continue to be thought of as potential buying opportunities going forward. The oil market will continue to get a bit of a boost due to the fact that there is most certainly a lack of supply in the system, and of course, Russia invading Ukraine has done no favors to that as well.

It is not until we break below the trendline that I have drawn on the chart that I am even remotely concerned about the trend, but I do recognize that the occasional pullback will be a feature of the market that is building up momentum.

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