Crude Oil Price Forecast – Crude Oil Bounce After a Significant Selloff

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session only to turn around and bounce drastically. This was a bit of an oversold condition after a massive move to the upside, so it is likely that we will continue to push towards the $80 level. Because of this, I am a buyer of dips and I do recognize that it is likely we will see a lot of volatility during the Friday session due to the Non-Farm Payroll figures coming out. With that in mind, I favor the upside, but I would like to see short-term pullbacks in order to take advantage of what has been a very strong uptrend. The $75 level should be a bit of a floor in the market at the moment.

Crude Oil Video 08.10.21

Brent

Brent markets have initially fallen during the trading session as well, dipping below the $80 level. That brought in buyers though, and we have turned around to form a massive hammer. At this point, it looks like Brent is ready to go skyrocketing yet again, and I think that is going to be more or less a continuation of the market going forward. I have no interest whatsoever in trying to short this market, so at this point time to go looking towards the $85 level. The shape of the candle is strong looking, and as a result it is likely that there are plenty of people willing to follow right along. At this point, I would anticipate volatility over the next 24 hours due to labor numbers in the USA on Friday.

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