Crude Oil Price Forecast – Crude Oil Markets StallCrude oil markets went back and forth during the trading session on Thursday as we may have finally gotten a bit overdone.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Thursday as it looks like we are starting to get a bit overextended. As traders wait to see what the inventory situation looks like in America, the reality is that the market is getting stretched and therefore the fact that we are reaching towards the $65 level, an area where we have seen a lot of selling in the past. Because of this, I think that we are about to see a pullback, but I would be very cautious about shorting this market at this point, at least not until we get below the $59 level. Short-term traders will continue to buy dips from what I see.
Crude Oil Video 26.02.21
Brent markets went back and forth during the course of the trading session as well. At this point, the market looks as if it is running out of steam also, near the $66 level. To the upside, the $70 level is an area where we have been selling off fact, and that is an area where we have seen massive amounts of resistance and therefore, I find it difficult to see the market simply slicing through that area like it has so many other places. That being said, it has outperformed even my wildest expectations, but eventually we need to come back to reality. Looking at this chart, I think that we could go down towards the $60 level, possibly even down to the $55 level if we get some type of exhaustion. In the short term, I think that buyers will continue to get involved in dips, but it is only a matter of time before we roll over again.
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