WTI Crude Oil Market Shows Support at $80. Goal: $85. The “Golden Cross” suggests a purchasing orientation. Brent rebounds to $84.50, target $90. Bullish forecast considering seasonal demand and geopolitical events.
- The WTI Crude Oil market initially fell during the trading session on Wednesday but found plenty of support at a major support level represented by $80.
- With this in mind, I think that as long as the $80 level holds as support, it should be viewed as a market to buy during corrections.
Breaking above the recent high suggests that we are going to look for the $85 level. The $85 level, of course, is a big round number and an area where we have seen a lot of noise before. There is also the Golden Cross below, where the 50-day moving average crosses above the 200-day moving average, and many long-term algorithmic traders are interested in it for a more buy-and-hold market overall. I like the idea of taking advantage of the cheap oil in this market. This is probably how we will look at this market in the coming months, as the market will continue to see a lot of demand in the coming months, due to the travel season, etc.
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- The Brent crude market also fell only to quickly turn back to the crucial $84.50 level.
- The $84.50 level is an area that has been very important previously, and so I don’t think it can be fought.
- Ultimately, I like the idea of going long now, and trying to go towards $90, but I recognize that we will have occasional corrections.
- These corrections should continue to be buying opportunities and I will continue to view them as such.
Keep in mind that the price of crude oil is rising and so it shouldn’t be a big surprise if it strengthens during the spring and summer. Beyond that, we also have a lot of geopolitical events to pay attention to that can have a major influence on the price of oil. With all of this, I would remain bullish, but I also understand that volatility will continue to be an issue at times.
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