Crude Oil Price Forecast – Crude Oil Has a Massive Move to Kick Off Week
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Monday to fill the gap and beyond that the market had seen last week. The area that we are at right now suggests that there should be a significant amount of resistance, but if we were to break above the highs of the trading session on Monday, then I anticipate that oil will try to recover. This is a huge candlestick, so if we closed towards the top of the range, then it is a very good-looking candlestick for buyers. Ultimately, the 200 day EMA has fired off quite a bit of algorithmic trading as well, so it will be interesting to see how this plays out.
Crude Oil Video 24.08.21
Brent markets also course have rallied during the trading session, reaching towards the bottom of the previous uptrend line, which of course is something that a lot of people will pay close attention to. The candlestick was rather large though, and of course we have the $70 level above there though could come into the picture as well. The 50 day EMA is racing towards the $70 level, so I think it can be difficult for Brent to break out of.
The 200 day EMA has offered a certain amount of support, but pay close attention to the US dollar, because the market of course is priced in that very same currency. The question now is whether or not we can continue to go higher? There is a lot of noise just above, but if we can clear that $70 level then it might be the beginning of something big for Brent.
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