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Crude Oil Price Forecast – Crude Oil Continues to Show Buyers on Dips

·2-min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back a bit during the course of the trading session on Friday but continues to find buyers on dips. The market found the $72 region as supportive enough to turn things around, as we continue to see a lot of buyers at the first signs of value. If we can break above the top of the candlestick, then it is possible that the market could go looking towards the $74 level, and then eventually the $75 level.

We have recently seen momentum jumping into the market, especially with the 50 day EMA curling higher. In general, this is a market that I think continues to see demand come into the picture as OPEC suggests that demand will pick up going forward.

Crude Oil Video 20.09.21

Brent

Brent markets have also pulled back just a bit but turned around to show signs of life again. Ultimately, this is a market that is trying to find its way towards the $80 level, but it may take a while to get there. The $72 level underneath will offer support, as it is the downtrend line and of course the 50 day EMA is ready to break above there. All things been equal, this is a very bullish market and I think it is only a matter of time before we go much higher. With that being the case, the market is likely to see plenty of value hunters given enough time, even though the US dollar has continued to strengthen. At this point, inflation is a potential driver of the market as well.

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

This article was originally posted on FX Empire

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