WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market rallied just a bit during the trading session on Monday in the early hours as it looks like we are trying to reach towards the $77 level. If we can break above that level, then it’s very possible that we could go looking to the $78.50 region. Keep in mind there are a lot of geopolitics involved in oil these days as the tension in the Middle East doesn’t seem to be going anywhere, and of course people are getting excited on the idea that the Federal Reserve might actually cut rates.
Furthermore, we’ve seen oil plunge to a major support level and has bounced quite nicely. So we might just be trading in a longer term range to begin with. As things stand right now, short-term pullbacks probably attract attention from value hunters.
Brent Crude Oil Technical Analysis
Over in the Brent market, it’s very much the same story. We’re right around the $80 level as New York is coming online. And it’s very possible that we could go look into the $81.50 level. The $81.50 level of course is an area that’s offered a lot of resistance in the past, so it does make a reasonable target. Short-term pullbacks could see support come in right around the $79 level, as it has shown itself there previously. In general, I think oil continues to be noisy, but at the very least, we are finding value hunters coming back into the market.
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