Crude Oil Price Forecast – Crude Oil Markets Continue to Raise Higher
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Monday, as the demand for energy continues to be a main driver of this market. The 50 day EMA underneath has offered support previously, as we have turned to the upside on that indicator. That being said, the market is threatening the highs again, and if we can break above that level, then it is likely that the market could go much higher. At this point in time, the market is very likely to find buyers on dips, as the uptrend is firmly ensconced.
Crude Oil Video 28.09.21
Brent markets are even more is, new high. At this point, it is very likely that we are going to go looking towards the $80 level, which of course is a large, round, psychologically significant figure. That is going to offer a little bit of negativity, but at this point in time I think it is only natural that pullbacks will be thought of as buying opportunities. If we do see that happen, I think that plenty of value hunters will defend this market. The 50 day EMA is currently sitting at the $72.62 level and curling higher. Because of this, I think that the $75 level will be supported, as the 50 day EMA is reaching there. That being said, I think we have much further to go as energy markets are in overdrive. Obviously, there is no way whatsoever to short this market anytime soon.
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