Crude Oil Price Forecast – Crude Oil Markets Trying to Discover Gravity

WTI Crude Oil

West Texas Intermediate Crude Oil spiked to kick off the trading session on Tuesday, as we have seen a massive amount of momentum on the buy side as of late. That being said, we have turned around to show exhaustion, as perhaps the discovery of gravity by crude oil traders is upon us. That does not necessarily mean that is a market you need to be a seller of, just that you need to be cognizant of the fact that we probably get a pullback in the next couple of days. Four extraordinarily bullish days in a row to get here suggests that we may be running out of momentum, and then the candlestick forming on Tuesday confirms this. With this, I am looking for a pullback in order to take advantage of, with the 50 day EMA underneath being the “floor the market.”

Crude Oil Video 29.09.21

Brent

Brent markets have also rallied significantly, to reach all the way to the $80 level. The $80 level of course is a large, round, psychologically significant figure, and attracts a certain amount of attention. We have pulled back significantly from there, and it should not be a huge surprise $80 might cause a bit of a headache. For the longest time, that was considered to be the target, but right now I think it is very likely we go even higher than that. A pullback from here then offers a buying opportunity, and I would love to see $75 targeted. I do not think that happens anytime soon though, so a short-term pullback is more than likely going to be a buying opportunity.

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