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Crude Oil Markets Stabilize on Tuesday
By: Christopher Lewis | September 21, 2021

• Crude oil markets went back and forth during the trading session on Tuesday as we continue to look for some type of foothold after a couple of days’ worth of selling.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Tuesday as we are trying to stabilize right around the 50 day EMA. This is a market that had recently broken above a major downtrend line, so now we are looking for signs of stability after the initial pulled back. What is even more pressing is that we are sitting at roughly $70, which in and of itself will attract a certain amount of attention. Because of this, the market is likely to go looking towards the $74 level if it can break above the top of the candlestick for the day on Tuesday. On the other hand, if we do break down from here, I think there is plenty of support all the way down to the $67.50 level.

Brent

Brent markets also initially rallied but failed at the $75 level. However, we are sitting just above a major trendline that we had broken above, so at this point in time it is likely that we will continue to see a little bit of support underneath, not only due to the $70 level offering support previously, but the 50 day EMA that is now trying to break above the top of the downtrend. That being said, I think that there are plenty of buyers for dips going forward, so keep that in mind. Longer-term, the market is probably going to try to take out the highs again, but if we were to drop below the $70 level, then it is very likely that we could go much lower, perhaps reaching down to the 200 day EMA.

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