WTI crude oil
The West Texas mid-market crude oil market rallied above the $ 79 level, which is of course a large, rounded, and psychologically significant number that many short-term traders will pay attention to. Longer term, this is a very good sign, and it suggests we might see a continuation. At the end of the day, oil is a market you don’t want to sell, mainly due to the fact that we still have problems extracting oil in places like Libya and Nigeria. Ultimately, that means OPEC won’t deliver the amount of crude oil people initially thought. Pullbacks should continue to provide buying opportunities in what has been a very bullish market.
WTI Oil Video 01.10.22
Brent markets were also very bullish, breaking above the $ 80 level. In doing so, it removes another hurdle and I think any pullback at this point will be a significant buying opportunity. The shooting star from the previous week broken upward is of course also a bullish sign so all things being equal I think it’s only a matter of time before we hit the highs again. . Ultimately, this is a market that I think we see a lot of value hunters willing to get involved in, so with that, I have no interest in trying to sell this market short, and I think that we will reach new heights, and maybe even below through them over the next few weeks. With that, there is no need for a bearish case in Crude Oil anytime soon.