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Crude Oil Price Forecast – Crude Oil Continues to See Noisy Trading
Published: Sep 24, 2024, 15:27 GMT+00:00
The crude oil market continues to see a lot of noisy behavior, as the markets are breaking above a resistance barrier, but at the same time, we are looking at this as a situation where the market starts to become a “buy on the dip” scenario.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market initially tried to rally and break out in the early hours of Tuesday and managed to succeed in doing so. We did pull back a little bit from the highs, but it does look like the $71.50 level is now violated and therefore I do think that we could continue to see a bit of a drift higher.
This isn’t to say that there couldn’t be the occasional pull back in order to build up momentum, but at the end of the day, we are in a nice 45 degree channel and rising. The $70 level underneath would be a bit of a floor as far as I can tell. So as long as we can stay above that level, I think we’re probably going to continue to see buyers gradually push WTI higher.
Brent Crude Oil Technical Analysis
The Brent market looks very much the same, testing the crucial $75 psychological barrier, pulling back a bit. But again, I think there are plenty of buyers underneath here as well. We are also in a 45 degree angle channel here in Brent, and I think that continues to be a bit of a reason why we go higher just simply due to the fact that pullbacks will attract value hunters, but it’s not as if we are getting way ahead of ourselves here. With that being said, I believe that as long as Brent can stay above the $72.50 level, it’s in fairly good shape as well.
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About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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