WTI crude oil
The West Texas Intermediate Crude Oil market rallied again in Wednesday’s trading session to break above Tuesday’s session highs in what would be seen as a major bullish sign. That being said, the market will continue to be very noisy, so you need to be careful about your position size. As the market continues to rise, there is a huge band of noise just around the $125 level and then again at the $130 level. The short-term pullbacks should continue to present nice buying opportunities for traders, depending on the value and of course the fact that the market has been so bullish for so long.
Crude Oil Video 24.03.22
Brent markets continue to come under upward pressure, surpassing the previous session’s highs and therefore showing signs of recovery. Ultimately, the $110 level below should be supportive, and now it looks like we are going to turn towards the $125 level. I would expect a bit of psychology to come into play at the $120 level, but in the end it’s probably just a bump along the way. The $100 level is a massive support level, which is about to be supported by the 50-day EMA heading towards it.
Buy dips continue to be the best way to go, assuming you’re not long in this market already. The market is going to continue to see a lot of noisy behavior, but it still looks like we are favoring the upside overall. With that, I have no interest in shorting oil anytime soon.
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