Depu Capital: Crude oil futures continue to build a bottoming pattern

Oil markets rose slightly in early trading on Tuesday, with light trading continuing. However, with central banks easing policy,Depu CapitalAccording to the analysis, demand will almost certainly pick up, and the market should continue to maintain a healthy trend.

On Tuesday morning, the West Texas Intermediate (WTI) market showed some positive momentum, and the price is trying to climb slowly again towards the $72.50 level, which is an important resistance level, and it does take some effort to finally break through it. If the price finally breaks through this level, the market will really start to start. WTI crude oil has been building a certain bottom in this market for the past few months, and the question now is, can we gain some momentum? At least for me, a short-term pullback will still be a buying opportunity.

Brent crude oil technical analysis

Brent crude oil daily chart

Of course, things look similar in the Brent crude oil market, where the key 50-day moving average is currently being tested. Of course, the 50-day moving average is an indicator that many investors will be watching. Given this situation, it may only be a matter of time before investors are expected to start chasing up. If we break the $76 level, that will open the next rally.

Much like the WTI oil market, a short-term pullback in the Brent oil market will continue to attract buyers looking to capture some value in the market, which will eventually start kicking up early next year as central bank liquidity measures are likely to boost energy demand. Either way, there is no need to go short.

At 00:56 Beijing time, WTI crude oil was at $70.2 a barrel, up 1.39%. Brent crude oil was at $73.22 a barrel, up 0.33%.