Crude Oil Markets Have Bullish End of the Week
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday to reach towards the top of the consolidation area that we have been in. Ultimately, this is a market that I think continues to see bullish pressure, but we may go a little bit more sideways than anything else in the short term as we are trying to digest a lot of these massive gains. If we do pull back from here, I think it is only going to end up being a bit of a buying opportunity all the way down to at least the $85 level.
Longer-term, it is likely that we could go looking towards the $95 level, possibly even the $100 level given the fact that we are trying to price in the reopening trade as economies around the world continue to reopen.
Crude Oil Video 14.02.22
Brent markets have rallied significantly during the course of the trading session on Friday as well, and now it looks like we are simply hanging around in the same consolidation region. The $90 level is a large, round, psychologically significant figure that of course is supportive, as it was previous resistance. When you look at this chart you can see that the market has been very bullish, so do not be surprised to see some type of digesting of the gains. I think we have plenty of support all the way down to the $85 level, where we had seen a bit of a bounce and of course have the 50 day EMA hanging about at the same time.
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