Crude Oil Price Forecast – Crude Oil Continues to See Choppiness -

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


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


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