Continues to See Buyers on Dips

 Short-term declines are likely to be viewed as opportunities for value-seeking, supported by the underlying 200-Day EMA and the 50-Day EMA, both of which offer crucial support levels.

• The West Texas Intermediate (WTI) Crude Oil market displayed a modest upward move during Monday’s trading session, surpassing the $85 level. This breakout is indicative of bullish sentiment, signaling potential momentum toward the $87.50 level.
• A subsequent breakthrough could lead the market toward the $90 level. Notably, the support of the 200-Day EMA just below the $83 mark provides a reassuring floor for the market.
• The ongoing focus on this level indicates a recovery from a recent pullback to the 200-Day EMA.

Broadly speaking, the prevailing situation suggests a period of fluctuation and volatility before a more significant upward trend takes shape. While noise may persist, it’s evident that market participants are currently favoring an upward trajectory. Keep an eye on Saudi Arabia, and whether or not they will continue to see the need to cut production by 1 million barrels per day.

Brent markets have been characterized by tumultuous behavior, and the present juncture seems to be forming a potentially bullish plan. This positioning opens the prospect of targeting the $90 level. Brent’s strong bullish trend continues to hold, reinforcing the notion that the market is poised for further upside movement. Short-term declines are likely to be viewed as opportunities for value-seeking, supported by the underlying 200-Day EMA and the 50-Day EMA, both of which offer crucial support levels.

In the event of a breach below these moving averages, the crude oil market could potentially aim for the $80 level. This level holds significance as a substantial and round psychological marker. Previous price history has shown considerable market activity around this level, prompting a watchful eye on potential developments.

In conclusion, the WTI Crude Oil market saw a moderate upswing above the $85 level, suggesting a bullish sentiment. The path forward indicates a series of oscillations before a more pronounced upward movement takes hold. Similarly, in the Brent market, the trend leans towards a bullish outlook, with periodic volatility expected. The strategic use of moving averages as support adds a layer of confidence to these projections. Despite the existing market noise, the overall trend points towards a potential push towards higher levels. Traders should stay attentive, anticipating potential dips as buying opportunities while also keeping an eye on critical support and resistance levels that could shape the market’s trajectory.

Ready to trade WTI Crude Oil FX? We’ve shortlisted the best Forex Oil trading brokers in the industry for you.