The oil markets continue to be a main focus of a lot of traders, as the war is suddenly looking to cease with the ceasefire proposal.
Crude Oil
Crude oil continues to see volatile moves. The light sweet crude oil market has been very bullish during the trading session on Thursday as we continue to see markets just simply move on headlines. The sell-off that we saw during Wednesday as the ceasefire was announced has seen a pushback at this point, which mainly is driven by skepticism as to whether or not the ceasefire will hold.
WTI Crude Oil daily chart. Source: TradingView
$100 Recapture in Focus
This is a market that is trying to recapture the $100 level and if it can clear that, it could open up a move toward the $104 level. I think at this point in time unfortunately you have to watch the latest headlines to get an idea as to where we may be able to go.
Brent Oil Price Forecast
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See all Brent Oil forecastsPosition sizing will be crucial of course and I think really, it’s a wait and see type of situation especially as we head into the weekend on Friday as there will be peace talks in Islamabad. That could lead to a wild opening on Monday morning in Asia.
Brent
The Brent market also has rallied as it is trying to reach the $100 level as well. It is a market that could see a little bit of market memory in that area and if that resistance holds it could send oil lower.
Brent Crude Oil daily chart. Source: TradingView
Headlines Will Drive the Next Move
But unfortunately, like I said a lot of what we see is probably going to be driven by the latest headlines coming from either an Iranian official, an American official or even an Israeli official. So, with all of that you have to be cautious, but we are approaching an area where shorts might look attractive although I think it’s going to be difficult to get short into the weekend.