Crude Oil Price Forecast – Crude Oil Continue to Pressure Upside

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially fell during the trading session on Thursday but continues to see the $65 level as supportive enough to keep the market somewhat limited. Ultimately, if we can break above the $67.50 level, then we are ready to go looking towards the $70 level. After that, it opens up the possibility of a move towards the $72.50 level. Regardless, I do not have any interest in shorting this market because it is obvious that we have a lot of bullish pressure. The $65 level is support, but after that the 50 day EMA and the uptrend line both come into the picture underneath and could offer quite a bit of technical support as well.

Crude Oil Video 28.05.21

Brent

Brent markets initially fell as well during the day, but then turned around to show signs of strength again. At this juncture, it is likely that we would go looking at the $70 level as a potential break out spot, and if we can get above there then we should go much higher. If we do break above there, then I think we are going to go looking towards the $75 level, possibly even the $80 level.

This of course is based upon the “measured move” of the triangle, and therefore I think a lot of technical traders will try to push it to the upside. On the other hand, if we break down below the uptrend line, and perhaps even the $65 level, it is possible that we could go looking towards the $60 level where the 200 day EMA will come into the picture. In general, I am bullish.

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