Keep an eye out for crude oil support

Energy demand will continue to be very strong in the future, and so we need to keep going to $ 90 in the long run.

The West Texas Medium Crude Oil Market fell sharply on Thursday to begin trading, but as you can see, we have rallied extensively to regain the $ 82.50 range. In doing so, we created a small hammer; This is indeed a sign of bullying. I think this is the only time we can keep going up. By the way, we have been very strong in the last two days and that has not changed.

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Looking at this chart, the $ 80 level below is a huge support because he is a big, round, psychologically important person. The $ 80 level below is important more than once, so I think we will continue to pay attention to it. At this point, I like the idea of ​​picking up valuable pieces and fragments on the dip, as crude oil has had a significant impact on the reopening of the oil market and we are likely to continue to see demand. Because in the last several months there has been very little capital expenditure and, in fact, the rate of combustion. In addition, other forms of energy have fallen sharply, so power plants are also being forced to burn fuel. In a nutshell, I think it’s only a matter of time before this market looks at $ 85. The $ 85 level is large, round, psychologically relevant and targeted. If we can break even more, this market will probably go up.

Below, the $ 80 level should provide some psychological and structural support, so there is a chance we will see more buyers in that area. The 50-day EMA is currently above the $ 75 level, and suggests a certain amount of resistance and could be a “market floor” going forward. In any case, this is a long-term development, and we cannot fight it. Energy demand will continue to be very strong in the future, and so we need to keep going to $ 90 in the long run.

Crude oil

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