- During my daily analysis of the commodity markets, the West Texas Intermediate Crude Oil market has shown some strength, and I think you’ve got a situation where you have to pay close attention to liquidity, as it of course will be dropping for the next several days.
- That being said, the technical analysis will end up being somewhat sideways at the moment, but negative over the longer term.
However, I think we’ve got a situation where the market is likely to be very noisy, but I would also point out the fact that the area could be thought of as a potential bottoming region.
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After all, the $70 level underneath has been significant support multiple times over several years, and therefore I think we’ve got a situation where the market could very well find its bottom for a bigger move. That being said, short-term pullbacks will more likely than not end up being buying opportunities, which is exactly what I have been doing for a while. However, it’s probably worth noting that it is short-term more than anything else.
Going Forward
The next several days will probably be somewhat thin with volume dropping off during the holidays. With this, the market is likely to continue to see a lot of questions as about whether or not demand will pick up, but it is worth noting the central banks around the world have been cutting rates, and it’s possible that we could see demand pick up if those lower rates start having companies around the world accelerate their production and economic activity, which of course would drive up the use of petroleum as energy is the lifeblood of the overall economy. It’s also worth noting that the United States tends to use more WTI than other countries, so this is more or less going to be a player on the United States and industry in that country picking up. I do believe that every time we pull back, there should be buyers.
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