Price Prediction for Crude Oil – Crude Oil Breaks Resistance

As American traders returned to work on Tuesday after a holiday weekend, crude oil markets rose once again during Tuesday’s trading session.

Analysis of WTI Crude Oil Technicals

During Tuesday’s trading session, the West Texas Intermediate Crude Oil market rose once again to surpass key resistance. At this moment, it is certain that crude oil will continue to grow, and I would not be surprised to see the WTI grade approach $130. With this in mind, the short-term dips should continue to be buying opportunities, and as a consequence, it is expected that there will be a large number of purchasers entering the market each time the price falls. I cannot think of a chance to sell this market in the near future, at least not as long as we are above the 50-day exponential moving average (EMA). That is $13 less than the current price.

Analysis of Brent Crude Oil Technical Data

Brent prices have also broken through and presently threaten the $120 barrier. It is expected that attempts will continue to be made to break out above that level, maybe allowing for a move to the $130 level. As we had broken above the $115 level, it should now serve as a substantial support level. At the moment, I believe that the Brent market is quite similar to the WTI market, in that buyers will continue to accumulate value at every chance. I have no interest in shorting this market, and I do not believe we will have the opportunity to do so in the near future. In fact, I will not be astonished if Brent surpasses the recent highs and sends the market toward $140. The markets are set to experience extreme volatility and peril.

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