Crude Oil Markets Have a Strong Wednesday

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the trading session on Wednesday to break above the highs of the Tuesday session in what would be thought of as a major bullish sign. That being said, the market will continue to be very noisy, so you need to be cautious about your position size. As the market continues to go higher, there is a huge cluster of noise right around the $125 level, and then again at the $130 level. Short-term pullbacks should continue to nice buying opportunities for traders, based upon value and of course the fact that the market has been so bullish for so long.

Crude Oil Video 24.03.22

Brent

Brent markets continue to see bullish pressure, breaking above the highs of the previous session, and therefore showing signs of recovery. Ultimately, the $110 level underneath should be supportive, and now it looks like we are going to go looking towards the $125 level. I would expect a little bit of psychology to come into play at the $120 level, but ultimately that is probably nothing but a bump along the way. The $100 level is a massive support level, which is getting close to being backed up by the 50 Day EMA that is running towards it.

Buying dips continue to be the best way forward, assuming that you are not already long of this market. The market is going to continue to see a lot of noisy behavior, but it still looks as if we favor the upside overall. With this, I have no interest in shorting oil anytime soon.

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