Crude Oil Price Forecast – Crude Oil Markets Attempting Break Out

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Tuesday, testing the $62.50 level. At this point in time, it looks as if we are trying to reach towards the $64.50 level, and then possibly the $65 level. The $65 level was where we had seen a lot of selling previously, so it does make a significant amount of sense that we would go looking towards that level. All of this being said, the 50 day EMA underneath looks to be massive support, so as long as we can stay above there at think there will be plenty of buyers looking to push this market higher.

Crude Oil Video 28.04.21

Brent

Brent markets also tried to rally a bit during the trading session but give back some of the gains. It does make a bit of sense that the Brent market is a bit of a laggard, as Brazil and India both tend to use that grade of crude oil, and both are seeing rising cases of coronavirus. In fact, things have gotten bad enough in India that some of the refiners are selling gasoline on the open market because of this, I think Brent will continue to lag behind WTI, but it is still very much in a bullish phase, so I have no interest in shorting anytime soon. I believe that dips will probably be bought into, extending down to at least the 50 day EMA underneath, as it is such a significant trend indicator. If we were to break down below there, then it is likely that the market is going to go down to the $60 level.

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