[ad_1]
WTI crude oil
The West Texas mid-market crude oil market initially tried to recover during Wednesday’s trading session, but it looks like the $ 80 level was a bit too difficult to overcome. Because of this, we fell back to the $ 77.50 level, but quite frankly this is something we needed to do to start. After all, this is a market that had been a bit of a stretch, and I think it makes perfect sense that we see support below near the $ 75 level.
I think a pullback is going to be a great opportunity, with the fact that all the factors are still there, so it will provide a “buy down” opportunity. The $ 75 level would be a great place to get involved, assuming we even have that opportunity.
Crude Oil Video 07.10.21
Brent
Brent markets also initially attempted to rally during Wednesday’s trading session, but gave up gains to show signs of exhaustion. At this point, I think there is a lot of support at the $ 80 level and then down to the $ 77.50 level. The uptrend line will of course get a lot of attention, so I think it’s only a matter of time before buyers get involved and take in some value. Quite frankly, with the lack of energy in the European Union, it is probably only a matter of time before hedge funds take over this market and push it higher. A break above the highs of the past two days also signals that new momentum has entered the market.
For an overview of all of today’s economic events, check out our economic calendar.
Source link
