Crude Oil Price Forecast – Crude Oil Continues to Test Trendline
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Thursday, as we continue to see a lot of questions about where we go next. That being said, the market is likely to continue to see a bit of a hesitation to make a move but looking at the uptrend line and the 50 day EMA converging just below the $60 level suggests that we are eventually going to see an explosive move as the market gets squeezed.
If we break down below the uptrend line, then it is likely that the market could go looking towards the $54 level, perhaps even down to the $50 level. On the other hand, if we can turn around a break above the $62.50 level, then crude oil will continue to reach towards the $65 level.
Crude Oil Video 09.04.21
Brent markets did very little during the session as well, as we hang right around the 50 day EMA again. The uptrend line of course is an area that a lot of people will be paid attention to, so just like the WTI market, I think there is a lot of noise waiting to jump into the market and call some type of squeeze. If we break down, the $55 level would be the target, and it is worth noting that the 200 day EMA is sitting just in that area. On the other hand, if we break above the $65 level, then it is likely that the market goes looking towards the $67.50 level, possibly the $70 level.
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