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Crude Oil Markets Retained Choppy Behavior
By: Christopher Lewis | October 1, 2021

• Crude oil markets have gone back and forth during the course of the trading session on Friday, as we simply have nowhere to be at this point in time.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Friday again, as we continue to hang on to the $75 level. This is an area that of course is going to attract a certain amount of attention due to the markets, due to the fact that it is such a large, round, psychologically significant figure. Having said, if we were to turn around a break down below the hammer from Thursday, then the market could go looking towards the 50 day EMA underneath. That is an area that I think would be a hard floor in the market.

Brent

Brent markets also have been very choppy over the last couple of days, and at this point if we were to break down below the hammer on Thursday here as well, that would be a very negative sign, perhaps reaching towards the $75 level, where the 50 day EMA is starting to approach towards. On the other hand, if we were to turn around a break above the $80 level, then it is likely that we go much higher. This is a market that is in a very long term uptrend, and that should continue to be the case going forward.

When you look at this chart, you can make an argument for a little bit of a bullish flag forming, and a break above the $80 level would certainly signaled that this market would go much higher, as it would also get those technical pattern traders. Needless to say, we have some volatility ahead.

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