Crude Oil Price Forecast – Crude Oil Continues to Reach HigherCrude oil markets continue to look very positive, reaching towards the sky it seems. Ultimately, this is a market that I think will continue to see buyers on dips.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied again to kick off the week on Monday, as we continue to see a lot of upward pressure on crude oil itself. With this being the case, it does make a certain amount of sense that we will get the occasional pullback, but those pullbacks will be very much like opportunities from everything that I can see on the chart. Because of this, I think that the $70 level now will end up being supported, and that we are more likely than not to go looking towards the $75 handle.
Crude Oil Video 15.06.21
Brent markets also rallied during the trading session to break above the $73 level, and now seem hell-bent on going towards $75. At this point, $70 over here would also be your floor, as it was the top of the ascending triangle and I do believe that it is probably only a matter of time before we see buyers on these dips. The $75 level probably will end up being a bit resistive, but at the end of the day based upon the measured move of the triangle itself I think that we are going higher, perhaps reaching towards the $80 level. I do not have any interest in shorting crude oil anytime soon, and therefore I think what we are looking at is a “buy on the dips” attitude that should continue through most of the summer.
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In fact, start shorting is concerned I would need to see a move below the uptrend line of the ascending triangle, and even then, I would have to see what is going on in general, as we would have a serious decision to make about the longer-term trend. For now, this is a very bullish market.
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