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Crude Oil Price Forecast – Crude Oil Continues to See Choppiness

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WTI Crude Oil Technical Analysis

The crude oil market has gone back and forth on Friday, as we continue to look very choppy. And I think at this point we have a market that is trying to do everything they can to show signs of strength and short-term pullbacks Opens up the possibility of finding a bit of value in a market that quite frankly doesn’t really Lend itself to be negative this time of year Although there are a lot of concerns about the Global economy and that of course can have a major influence on demand.

Either way, I believe the $80 level above is the target and I do like the idea of buying short-term pullbacks. I believe that sooner or later, you will have a massive amount of buying pressure willing to step in on value propositions.

Brent Crude Oil Technical Analysis

Brent certainly looks very much the same as the $81.50 level in Brent has been important. We are pulling back slightly, and I do think that given enough time, we will find plenty of value hunters underneath willing to step in and take advantage of cheap oil.

$84.50 is my target, but that doesn’t mean we get there overnight. So please do keep that in mind. With that being the case, I’m a buyer of dips, looking at it as value. And if we could break above the $84.50 level, I would be extraordinarily aggressive and bullish. At this point, I would be a buyer hand over fist, at least for the short-term.

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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