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Crude Oil Price Forecast – Crude Oil Markets Continue to Look Tired

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Tuesday to show a bit of hesitation, and therefore I think at this point we need to pay close attention to the idea of a pullback coming. A pullback coming is certainly logical, due to the fact that we have shot straight up in the air as of late. Because of this, we need to pullback in order to build up a bit of momentum, and I do think that is about to happen. I am especially interested underneath at the $75.50 region, perhaps even at higher levels such as the $80 level.

Crude Oil Video 20.10.21

Brent

Brent markets have been somewhat positive during the trading session, but it certainly shows signs of exhaustion just below the $85 level. By doing so, the market looks as if it is going to continue to hesitate just a bit, but ultimately, I do think that a hesitation could lead to a pullback. The pullback is a buying opportunity and I look at the $80 level in the Brent market as a bit of a floor the market, especially as the 50 day EMA is starting to race towards it. If that happens, I will be willing to buy the first signs of a bounce, as this is a market that is so bullish and of course we have a lot of concerns when it comes to supply. I do believe that we get a move towards the $90 level given enough time, but obviously we need to see some type of momentum building in order to make that happen.

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This article was originally posted on FX Empire

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