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WTI crude oil
The West Texas mid-market crude oil market crashed during Friday’s session and turned out to be rather weak for the week. We’re back below the $ 70 level, which is probably not too surprising given that interest rates have climbed much higher, pushing up the value of the greenback. Ultimately though, we’ll have to look at the demand equation, and for now, it still looks like it favors higher prices. That being the case, the market is likely to find buyers, but if we were to fall under the hammer of the previous two weeks, it could be a very ugly look for this market. Pay special attention to this candlestick.
WTI Oil Video 09.08.21
Brent
Brent markets were also affected, reaching the $ 70 level before stabilizing a bit. This is obviously an area that deserves special attention, especially since it is a large, round, psychologically significant number that previously offered resistance on an ascending triangle, then also held once before. .
All other things being equal, this is a market that I think continues to see a lot of buying opportunities in the event of a dip, but if we fell under the hammer of the previous two weeks that would also be very negative for it. market, so the next few weeks are going to be very interesting for the crude oil complex. Will we see demand picking up and prices rising, or will we see the bottom collapse? Pay close attention to this candlestick and of course maintain a reasonable position size.
For an overview of all of today’s economic events, check out our economic calendar.
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