Crude Oil Price Forecast – Crude Oil Markets Breaking Out AgainCrude oil markets have broken higher again on Friday, as we continue to see a lot of strength to the upside. You should be looking for value on dips.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday as we continue to see strength. At this point time, the market is sitting well above the $51 level, and now I think that the $52.50 level would be your initial target. After that, I think that the $55 level then it is looked towards. Short-term pullbacks at this point in time offer buying opportunities, with the $50 level being a significant amount of support. Underneath there we have the 50 day EMA at the $45.70 level to offer a bit of a floor in the market. I do not think that this rally continues ad infinitum, but in the short term it certainly looks to be the way going forward.
Crude Oil Video 11.01.21
Brent markets rallied significantly during the trading session on Friday, as we have broken above the $55 level. The market is likely to continue to see a lot of bullish pressure, and I think underneath at the $53.25 level we see a lot of supporting action. All things being equal, I think that dips will continue to go into the “value category”, that people are looking towards the upside. In fact, it is not until we break down below the $50 level that I would be interested in shorting this market. The 50 day EMA is sitting just underneath there as well, so at this point in time I think that the longer-term outlook for this market might be mixed, but the short term is most certainly positive.
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