Crude Oil Price Forecast – Crude Oil Markets Continue to Hover Above 50 day EMA

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen ever so slightly during the trading session on Wednesday, as we have finally run into a little bit of exhaustion after that parabolic move. That being said, I do not necessarily think that we are going to fall apart, nor am I looking for an opportunity to short this market. Rather than that, what am hoping for is a little bit of a pullback over the next couple of days, and then the ability to get involved to kick off next month. At this point, I believe that this market will eventually go looking towards the $79 level and beyond.

Crude Oil Video 30.12.21

Brent

Brent markets of course look very much the same, with a target of $82. The market is just as bullish as the other one, and of course it is worth noting that we did bounce from the 200 day EMA a couple of times now. That tells me that the market is hoping to kick up the overall uptrend again, and I do think that this market as one that you should be looking for dips to buy. I have no interest whatsoever in shorting this market, because now that the panic of omicron seems to be abating, oil traders are willing to come in and pick things up again. Because of this, I think that the reopening trade being again becomes the major driver of what happens next, which of course demands quite a bit in the way of energy if the world is ever going to get back to something close to normalcy.

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