Crude Oil Markets Have Explosive Week

The West Texas Intermediate Crude Oil market has exploded to the upside during the trading week, as the $90 level has been overcome. We are a little overextended at this point in time, and I think that plenty of buyers will be willing to jump in and take advantage of any short-term pullback. The $85 level is going to be well defended, right along with the $90 level on shorter-term charts. Nonetheless, I think oil goes looking towards the $100 a barrel level, at the very least. At this point in time, there is still a lot of demand for crude oil as the world reopens.

Brent markets have rallied significantly during the course of the week as well, as we have sliced above the $90 level. The $93.50 level has been targeted, and I think that any short-term pullback at this point in time will continue to look as being value. I have noticed in shorting this market and I do think that eventually we go much higher, at least the $100 level. I would not be surprised to see the market overshoot to that direction, but at this point in time I have no interest whatsoever in shorting this market anytime soon. Quite frankly, we are in a very bullish scenario, and I certainly have no interest in trying to get too cute here and short this market on any pullback. Simply waiting for a little bit of value is probably the best way to go, and therefore I will look for opportunities on those pullbacks as so many traders think the same way.

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