Crude Oil Markets Give Up Early Gains

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Thursday but gave back quite a bit of the gain to show signs of hesitation. The market had gotten a bit ahead of itself again, so I think a pullback makes quite a bit of sense. This pullback will be a nice buying opportunity as we are in an uptrend for a reason. After all, markets are opening up across the world, but we do have to be careful about these overexcited oil markets because it invites “demand destruction.” Looking at this chart, it is likely that we could return to the $110 level quite easily, and it would still be very bullish.

Crude Oil Technical Analysis Video 25.03.22

Brent Technical Analysis

Brent of course is also overdone, so you need to keep in mind that the fact that we are trying to form a bit of a shooting star suggests that we are running into exhaustion. That exhaustion will more than likely cause major issues, but I think ultimately this is a scenario where you are looking for value. Luckily, you are more likely than not getting ready to see it. The $120 level has offered a bit of resistance, but I do think that it is a market that is more than likely going to give you an opportunity to pick up Brent at lower levels, perhaps near the $110 level, maybe even lower than that. I am looking for a supportive candlestick on a pullback in order to get involved.

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