Crude Oil Price Forecast – Crude Oil Markets Continue to Digest Recent Gains
WTI Crude Oil
The West Texas Intermediate Crude Oil market has shown itself to be very volatile over the last 48 hours, after breaking the $80 level on Monday. With that being the case, the market is likely to continue seeing a lot of choppy behavior over the next couple of days, as we are trying to determine whether or not the market is going to be able to stay at these higher levels after such a parabolic move. That being the case, think it is only a matter of time before buyers come in and pick up this market to test the idea of value going forward. I do believe we go higher, but we may need to at the very least calm down in order to pick up momentum.
Crude Oil Video 14.10.21
Brent markets also fell during the trading session only to turn around and regain the losses. By doing so, it looks as if the market is going to continue to see more of a “buy on the dips” mentality going forward, which makes quite a bit of sense considering there is so much concern around the world when it comes to supply. I believe that the $80 level underneath is going to offer a significant support level that continues to be paid close attention to. If we pull back towards that area, I believe that the value hunters will continue to jump into this market in order to pick up crude oil “on the cheap.” The market is one that I have no interest in selling anytime soon, because quite frankly it is such a strong uptrend that it is almost impossible to fight.
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