Crude Oil Price Forecast – Crude Oil Markets Pull Back From 50 Day EMA

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Thursday, in what would have been limited trading due to the Thanksgiving holiday. With a lack of liquidity and quite frankly time to trade the market, I would not read too much into this candlestick other than we are probably going to pull back into the consolidation area to try to build a bit of a base in this market. Ultimately, I think that does end up holding, with the $75 level underneath being a major point of interest. On the other hand, if we can turn around a break above the shooting star from the Wednesday session, then it is very likely that we go much higher via the $80 handle.

Crude Oil Video 26.11.21

Brent

Brent markets also have pulled back just a bit during the trading session, but as you can see, we are nowhere near wiping out the recent gains. I think there are plenty of buyers underneath that will come into this picture, and I would anticipate that the 50 day EMA will be paid close attention to. If we can break above the top of the candlestick from the Wednesday session, which is substantively breaking above the $83 level, then I think this market goes looking towards $85 level rather quickly. All things been equal, I believe that any pullback should be thought of as a potential buying opportunity in what has been a strong uptrend for quite some time. Whether or not we make a huge moves is a completely different question but it is worth noting that OPEC seems to have lost its sense of humor with the Biden administration.

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