WTI Crude Oil
The WTI Crude Oil market exploded to the upside as the United States traders jumped into the marketplace, pushing what would have been a very thin market. We are coming close to the $60 level, which of course is a significant round number, but I also recognize that we are getting a bit overextended. Once volume comes back, it’s hard to tell what happens next, as this move, although in with the trend that we have seen recently, will be overextended by the lack of trading volume. Because of this, I am a bit leery about jumping in, but if we can break above the $60 level, that of course is a very bullish sign. Ultimately, expect a lot of noise.
Crude Oil Video 27.12.17
Brent
Brent markets broke above the previous barrier in the channel that we had been in, breaking above the $66.50 level. We broke above there which of course is a very bullish sign, but I think that a pullback will probably offer value in the short term, as I think the market is probably going to go looking towards the next large, round, psychologically significant number, reaching towards the $67.50 level. Ultimately, the volume was far too thin to get excited about this move, but I think it is a sign as to where we are trying to go at the very least. Pullbacks are buying opportunities, but you should be very cautious about this time a year, as the volume could work against you as well.
This article was originally posted on FX Empire