Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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Crude Oil Markets Continue to March Higher
By: Christopher Lewis | July 29, 2021

• Crude oil markets have rallied just a bit during the course of the trading session on Thursday to continue the overall upward pressure that we have been in for some time.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Thursday, as we continue to see a lot of upward pressure. The 50 day EMA sits just below, sitting right above the $70 level. Ultimately, this is a market that is in an uptrend, so I think it is probably going to continue to find a reason to go higher, especially as we start to focus on the idea of the reopening trade. The demand for energy continues to pick up, and that of course will help with where we go next. Underneath, we also have the 50 day EMA is sitting right above the $70 level, so for now I am treating that as a “floor in the market.”

Brent

Brent markets have rallied a bit during the course of the trading session on Thursday, as we are trying to break out above the most recent high. At this point time, the market is likely to see the $77.50 level above as a major ceiling, but if we can break above there it is likely that the market could go much higher, with of course an eye on the $80 level.

To the downside, the 50 day EMA sits at the $72.35 level, and therefore I think it offers a bit of support. Underneath there, we also have the $70 level that could offer support as well. Furthermore, the $67.50 level could also offer a bit of support as well. At this point, I have no interest in shorting this market anytime soon.

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