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Crude Oil Continues to See Bullish Pressure
By: Christopher Lewis | September 22, 2021

• The crude oil markets have rallied a bit during the course of the trading session on Wednesday, as we continue to see buyers on dips to pick up a bit of value as it occurs.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Wednesday to break above the top of the neutral candlestick from the Tuesday session. That being said, the market looks very much like we are going to go looking towards the $73 level again, after that it is likely that we are going to go looking towards the $74 level. With this, I think short-term dips will continue to be bought near the region we are now, and of course the 50 day EMA underneath and is sloping higher and reaching towards the $70 level. I do believe that eventually we go higher, simply based upon momentum more than anything else.

Brent

Brent markets have also rallied a bit during the course of the trading session on Wednesday as we continue to see a lot of noisy behavior. That being said, the $75 level offers a nice target, as it has been short-term resistance previously. With that being a large, round, psychologically significant figure, then it makes sense that we would see a little bit of noise in that general vicinity. Breaking above the $75 level could open up a move towards the $77.50 level.

On dips, the $72 level and the 50 day EMA are likely to offer plenty of support. With this being the case, the market is likely going to see a “buy on the dips” type of mentality, so therefore it is likely that the market continues to go higher over the longer term as there are plenty of value hunters out there.

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