FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
135,885,017Confirmed
2,937,306Deaths
109,260,094Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Brent WTI crude oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Tuesday, to reach towards the $63 level before pulling back. The candlestick does look as if it is a sign of exhaustion coming into a market that is far too overexposed, and at this point I think that is probably the main thing to pay attention to. I think a short-term pullback makes quite a bit of sense, but that does not necessarily mean that we are ready to break apart. I anticipate that the market will find plenty of support down to the $59 level. In other words, I would look for some sideways action in the short term.

Advertisement

Crude Oil Video 24.02.21

Brent

Brent markets also have struggled a bit above the $65 level, and it is worth noting that we had broken slightly above the top of the shooting star from the previous week but have given back quite a bit of the gains. That being said, this is a sign that the market is really close to perhaps a more significant pullback. I do not necessarily think that we are going to collapse anytime soon, but certainly a pullback would be healthy as the market had gone straight up in the air for far too long. Furthermore, it is worth noting that the Texas refineries are starting to come back online, which of course will bring in over 40% of US oil production back in with it. In other words, supply in this market should dampen some of the enthusiasm.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with 

75% of retail CFD investors lose money

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk