Crude Oil Markets Trying to Stabilize Into the Weekend

WTI Crude Oil

The West Texas Intermediate Crude Oil market has tried to stabilize a bit during the trading session on Friday to suggest that the $110 level might be important. The $105 level underneath could be supportive as well, based upon what we have seen over the last couple of days and of course the gap that formed a couple of weeks ago.

There will continue to be the demand for crude oil going forward, and as we have the reopening trade coming into the picture, it is likely that we will see an oil rally eventually. All things being equal, we just got a bit too far ahead of ourselves so we could continue to pull back a bit, but I think that the $100 level will be rather important.

Crude Oil Video 14.03.22

Brent

Brent markets have been somewhat choppy during the trading session on Friday as we continue to dance around the $110 level. All things being equal, this is a market that I think will be noisy overall, and we may need to pull back towards the $100 level in order to find a bit of support. That is an area that will more than likely intersect with the 50 Day EMA given enough time, and therefore we could see that area be a major technical inflection point.

The $120 level above is an area that the market had initially tested during the previous session before we fell and ended up forming a bit of an inverted hammer. Ultimately, this is a market that I think still has a bit of work to do before stabilize is enough to be easy to trade.

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