WTI Crude Oil Forecast Today - 02/01: WTI Resistance (Chart)

2025-01-02 02:31:21

(MENAFN- Daily Forex)

On the last day of trading in 2024, it looks like the West Texas Intermediate Crude Oil market is going to continue to be positive, but we have a massive amount of resistance just above, and therefore I think it makes a certain amount of sense that although we are bullish, we are a little bit hesitant.
When I look at this chart, there are a lot of things just above that could cause us a bit of a headache if we do start buying.

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The resistance above is most obviously seen at the $72.50 level, as it has been a major barrier previously. Furthermore, we also have the 200 Day EMA sitting just above there, and it is dropping. With that being said, the market is likely to continue to see a lot of short sellers coming into the market in trying to step on the crude oil market. However, I think that there is only so much resistance it will be seen, and I do fully anticipate that this market will break out to the upside over the longer term.

Short-term pullbacks I believe end up being a nice buying opportunity with the 50 Day EMA, sitting right around the $70 level. If we were to break down below that level, then you could have a situation where traders trying to find value at lower levels, but right now I thesis is basically the market trying to find buyers on each and every dip, as it gives us an opportunity to pick up a little bit of“value” in a market that has been forming a large basing pattern for some time. Quite frankly, I like the idea of buying this market on dips, as I do believe that with the explosion of risk appetite next year would drive the demand for oil in the United States. Remember, the WTI Crude Oil market is heavily influenced by America, and America is still roaring ahead.

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