Crude Oil Price Forecast – Crude Oil Gives Up Early Gains on Tuesday

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially rally during the day on Tuesday only to turn around and give up gains above the $75 level. This is a rather nasty looking candlestick, so we may be getting ready for a little bit of a pullback. Then pullback of course is still just a pullback in the context of a larger uptrend, so it is going to be important to keep that in the back of your mind. At this point, I would anticipate there should be plenty of support underneath so most traders will probably be looking at this pullback as a potential buying opportunity given enough time. Alternately, if we break above the top of the candlestick from the Tuesday session, that could open up a move all the way to the $80 level.

Crude Oil Video 07.07.21

Brent

Brent markets have also initially tried to rally rather significantly during the course of the trading session on Tuesday but has also given up quite a bit of the gains to reach down towards the $75 level again. By forming the same type of candlestick, this shows that the market is more likely than not to find a bit of trouble, and perhaps set up for a nice pullback. pullbacks of course should be a buying opportunity, as we are in such a strong uptrend, and there is a significant amount of demand out there for energy. OPEC is in the midst of the meeting, so that could be part of the noise that we are seeing, at least in the short term. Longer-term, this market probably goes looking towards $80.

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