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The West Texas Intermediate Crude Oil market<\/a> has fallen initially during the trading session on Monday, showing signs of hesitation but ultimately, I think we\u2019ve gone far enough to the upside that it\u2019s obvious that the buyers are going to continue to be the main driver of the market. The $90 level above will offer a certain amount of resistance, and if we can clear that, it\u2019s likely that the market goes toward the $95 level above.<\/p>\n<\/div>\n<\/div>\n Breaking down below the bottom of the candlestick opens up a move down to the 50-Day EMA, which is closer to the $85 level in the futures market. If we break down below there, then the market is looking to the 200-Day EMA. That being said, it\u2019s very difficult to imagine crude oil falling for a significant amount of time, due to the fact that there are a lot of tensions in the Middle East. Furthermore, inflation continues to push fuel higher anyway.<\/p>\n Brent markets<\/a> have pulled back just a bit early in the trading session on Monday as well, but turning back around shows the resiliency in this market. All things being equal, the market is likely to get a look into the $95 level above, which is where we had pulled back from. If we can break above that level, then the market could send Brent all the way up to the $100 level. If we break down below the $90 level, then it\u2019s likely that we could go looking to the 50-Day EMA after that.<\/p>\n All things being equal, this is a market that will continue to be very noisy, but I\u2019d still prefer the upside, and I do think that short-term pullbacks will continue to be something that you need to look at for opportunities to pick up \u201ccheap oil.\u201d Ultimately, I do think that we break out to the upside unless something changes quite drastically in the Middle East, which doesn\u2019t look very likely to happen in the short term so I still look at pullbacks as potential buying opportunities in a market that is obviously very strong.<\/p>\n For a look at all of today\u2019s economic events, check out our\u00a0economic calendar<\/a>. <\/b><\/p>\n<\/div>\n<\/div>\nBrent Crude Oil Technical Analysis<\/h2>\n