USO

Crude Oil Price Forecast – Crude Oil Continues to Grind

FXEmpire.com -

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market has bounced slightly during the early hours on Monday, as the $80 level continues to be an area of importance as it is a large round psychologically significant figure and it’s also an area that recently has been pretty significant resistance so a pullback to that area should have a lot of market memory, but a bounce from that area would be a potential buying opportunity. Anyway, at this point in time I think we are in the midst of a breakout. Although it’s going to be very noisy, it could open up the possibility of a move to the $82.50 level above. On the other hand, if we were to break down below the $80 level, it’s the $79 level and then the $78 level offering plenty of support.

Brent Crude Oil Technical Analysis

Over in the Brent market, it looks very much the same. We are still above the $84.50 level, but it looks like we’re using that more or less as a magnet for price. As it was previous resistance, it’s now I think a fulcrum for price. It’s fair value in the short term.

If we can break above the $85.33 level, then I do think the Brent takes off towards the $88 level. Short-term pullbacks continue to offer plenty of value that people will take a look at as a buying opportunity with the $84 level underneath offering plenty of support. In general, this is a market that I think will remain noisy, but I think cyclically speaking, it’s going to be positive over the next couple of months. Therefore, I look at each of these dips that happen as a potential buying opportunity.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.