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Christopher Lewis
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Brent WTI crude oil

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.

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Crude Oil Video 15.06.21

Brent

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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