Crude Oil Short Term Sell and Long Term Buy

7 Feb 2022

Crude oil is hovering near to its resistance. As long as crude oil holds the price below $94, it has the opportunity to correct to the downside nearly $85. But it would be wise to buy crude oil again if we find it again at $85.

Market expectation is this year, crude oil may cross above 100/barrels, and the market is doing the same. Moreover, the crude oil test is $72, but it will be hard if covid cases don't rise.

Russia-Ukraine political issues and crude oil demand pushing crude oil price higher. So, in the long term, we should look for the opportunity to buy crude oil. But we can sell crude in the short term when we find the swing zone.

Currently, crude oil is holding below trendline resistance and in the swing zone. So, crude oil may test $85 from the current zone. And breaking below $85, our final target to the downside is $72/75.

On the other hand, crude oil has the most possibility to test above $100. SO, if crude oil drops nearly $85, we should think about buying till $105/107 price zone. Otherwise, if crude oil price breaks above $95, it may test $100 very soon.