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Crude Oil Markets and Week on High Note

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DiscoverGold Member Level  Friday, 07/23/21 01:44:55 PM
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Post # of 6045 
Crude Oil Markets and Week on High Note
By: Christopher Lewis | July 23, 2021

• The crude oil markets have rallied quite extensively after falling hard during the week, but at this point in time the market seem to be perfectly happy with sadly towards the top of the range.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday, in what would have been a very quiet session. At this point, we have recovered the $70 level, which of course is a good sign, but what is even more impressive is the fact that we ended up forming a hammer on the weekly timeframe also suggests that we are going to see upward pressure, so I think that short-term pullbacks will be buying opportunities. In fact, it is not until we wipe out the Wednesday candlestick at the $65 level that I would be concerned.

Brent

Brent markets have also shown a bit of resiliency as although it has been quiet during the trading session on Friday, it is likely that we are going to continue to see buyers on dips, especially if we pull back towards the 50 day EMA. The 50 day EMA is flattening out, but it is also an area that a lot of people pay close attention to. Underneath there, we have the $70 level which of course would also offer support, right along with the uptrend line that I have marked on the chart. Regardless, Brent looks as if it is ready to continue going higher perhaps after pulling back a bit to find some type of support. The fact that Friday was quiet, and traders will simply be willing to sit at this level going into the weekend is a relatively good sign, but it does not necessarily mean we go straight up in the air.

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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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