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

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Crude Oil Continues to Look Bullish
By: Christopher Lewis | March 15, 2024

• Crude oil markets continue to look bullish, despite the fact that we did pullbacks slightly during the day on Friday. Crude oil markets continue to look bullish, despite the fact that we did pullbacks slightly during the day on Friday. Ultimately, we are hanging around previous resistance, so I do think there is a certain amount of support that’s waiting to come into the market.

WTI Crude Oil Technical Analysis

You can see that we have stalled somewhat during the Friday session as it looks like we are trying to do everything we can to take a bit of a break. Ultimately, I think this is a situation where even if we do pull back from here, there should be plenty of buyers and therefore I think the overall trend continues. The question is whether or not we can have enough momentum to continue to push this higher.

I think we do eventually, but this is a grinding type of market and therefore it’s going to be very, very difficult to get overly aggressive and of course you will have to be patient. I still like buying the dips, I still think that the WTI grade goes to the $85 level.

Brent Crude Oil Technical Analysis

Brent is very much in the same situation, it looks like we are doing everything we can to tread water right around the crucial $84.50 level, and that will continue to be a scenario that I think a lot of people look towards. I do think that this is more likely than not going to be a market that follows right along. And I would expect to see Brent go to the $90 level sometime over the next several months. So in the meantime, my job as a trader is just to simply buy the pullback and take advantage of value if and when it occurs.

Ultimately, I do think that that value will show up and those pullbacks will be looked at as such. It’s worth noting that both grades of oil are starting to get close to forming the so-called golden cross when the 50-day EMA turns upward and crosses above the 200-day EMA. So keep that in mind as well. Either way, I don’t have any interest in shorting the market. I do recognize these pullbacks come and go, but with the tight supply of the geopolitical concerns, the Middle East and of course just the fact that we are heading into the summer season suggests that we are going higher.

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