Crude Oil Price Forecast – Crude Oil Markets Fall

WTI Crude Oil

The WTI Crude Oil market has fallen a bit during the trading session as we reached towards the 200 day EMA to find support. Ultimately, we have bounced from there are a bit, so it looks like we are going to continue the “buy on the dips” mentality that we have been stuck in for some time. Ultimately, I think that the market will go much higher and go looking towards the $49 level above which is where we broke down from. However, this is a market that is grinding away, not taking off. With that being the case, I like the idea of picking up these dips on short-term charts and simply taken advantage of what the market is willing to give us.

Crude Oil Video 21.08.20

Brent

Brent markets also fell during the trading session but remain supported underneath and we have already seen buyers come back into the marketplace to try to pick it up. The Brent market is lagging the WTI market, but it certainly looks as if it is more of the “buy on the dips” type of scenario that we see in the other grade. I like the idea of picking up value when it occurs, and simply taking profits rather quickly. This is more or less a short-term traders type of market in both grades, but the Brent market may be even more so. We are in the quietest time of the year typically, as a lot of big traders are away on vacation. That being said though, if we were to break down below the 50 day EMA in either grade, that would be a red flag.

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