Crude Oil Markets Have a Wild Week
WTI Crude Oil
The West Texas Intermediate Crude Oil market has been rather noisy during the course of the week, slamming into the $92.50 level before bouncing quite drastically. We did up forming a big hammer that sits on top of a trendline, and it certainly looks as if we are going to try to continue to recover. With that being the case, I think it is probably only a matter of time before we see the crude oil market reach the highs again.
A lot of the war premium has been taken out of the market, and now we are focusing on the continued supply issues. Because of this, I think we will continue to go higher from a fundamental standpoint as well.
Crude Oil Video 21.03.22
Brent markets have done much of the same, reaching down towards the $97 level before bouncing again. That is an area that coincides nicely with the massive green candlestick from two weeks ago, so it looks like we are ready to bounce back up into this overall consolidation area that it looks like the market is carving out.
We have been in an uptrend for a while and got far ahead of ourselves, so this recovery makes sense considering that nothing has changed other than we have worked off some of that excess froth. With this, I like the idea of finding support based upon short-term dips, because I think longer-term candlesticks might be a little more difficult to trade based upon. Nonetheless, the direction is up overall and I am not willing to fight it.
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