Crude Oil Market Outlook: Short-Term Pullback Within a Long-Term Uptrend

Source: Dukascopy Bank SA
The market is still bullish in the long term because price remains above the 200 SMA, but in the short term it is in a bearish correction after falling below the 100 SMA.



Right now, price is moving between $93.40 and $99.40. The $99.40 level is important resistance that needs to be broken to regain upward momentum, while $93.40 is a key support that buyers are currently defending, as shown by the recent strong bounce.

If the price holds above $93.40 and pushes back above $99.40, the correction likely ends and the market could move back toward $115. On the other hand, if $93.40 breaks, the price will likely drop toward $87.40, which is major support near the 200 SMA.
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