Press "Enter" to skip to content

Crude Oil Price Forecast – Crude Oil Declines from 50-Day Average

The West Texas Intermediate oil market fell a bit during a Thursday Thanksgiving trading session in the United States so there has been less movement than usual. Taking this into account, I would not give much importance to the candle that ends up forming during the day, apart from recognizing that we are retreating towards a consolidation zone to try to form a base. In any case, the important thing is that there will be support and that the level at $ 75 will be difficult to cross, while if we turn around and break above the shooting star candle of the day we could go towards $ 80.

The Brent market has also fallen a bit during the day but is a long way from giving up recent gains, as you can see for yourself. I believe that there are many buyers interested in buying below and that the 50 day average could lead them to open buy orders.

If we go higher and break above the intraday high, meaning forcefully break the level at $ 83, then I expect us to climb to $ 85 fairly quickly.

If conditions do not change I think we should interpret the declines as buying opportunities as the uptrend has been solid for quite some time. It is unclear whether or not we will see wide moves, but it appears that OPEC is not getting along with the Biden administration and that could help increase upward pressure.

This article was originally posted on FX Empire

Article Source

Disclaimer: This article is generated from the feed and not edited by our team.