Crude Oil Price Forecast – Crude Oil Markets Continue to Rally

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the trading session on Thursday, as we continue to see plenty of money flowing into the oil markets. There are concerns that OPEC may not be able to produce as much as people had anticipated, so therefore we are seen a bit of a squeeze higher. Ultimately, this is a market that is in an uptrend, so therefore it makes quite a bit of sense that we simply see this market break above the resistance barrier at the $79 level. However, at this point in time it is very likely that the $85 level will be a bit of a target.

Crude Oil Video 07.01.22

Brent

Brent markets of course look the same, as we have broken through quite a bit of resistance and are hanging about the $82 level. By doing so, this suggests that the market is more than likely going to continue to go higher, perhaps reaching towards the $85 level given enough time. Ultimately, this is a market that I think continues to see quite a bit of a “buy on the dips” type of attitude, and therefore that is exactly how I will be playing this market. The 50 day EMA is currently sitting that the $77.73 level and is curling higher, so that is something worth paying attention to as well as it does tend to attract a lot of technical trading. All things been equal, this is a very bullish market and at the end of the day you simply cannot short a market that is taking off like this one is.

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