Crude Oil Price Forecast – Crude Oil Markets Continue BreakoutCrude oil markets continue to rally during the trading session on Wednesday as we continue to see the idea of increasing demand come into the picture.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied significantly during the course of the trading session on Wednesday as we have broken above the $70 level. That of course is a very bullish sign and I think it is only a matter of time before we go to the upside. With this being the case, I think it is only a matter of time before we would see a continuation of the move to the upside. With this, I am looking to buy dips, especially if we drop down towards the $67.50 level. If we were to break down below the $67.50 level, then we could take a look at the 50 day EMA underneath, which is basically supporting the $65 level. Nonetheless, we are in an uptrend and that has without a doubt the most weighting to this market.
Crude Oil Video 10.06.21
Brent markets also have broken above the $72.50 level during the trading session, as the market has shown bullish pressure more than once. That being said, I like the idea of getting long of this market on short-term dips, as the $70 level should continue to be rather supportive. After all, it was the top of the ascending triangle, and of course a large, round, psychologically significant figure. With that being the case, I think that the market is probably going to go looking towards the $75 level over the longer term. If we can break above there, then I think we go looking to fulfill the “measured move” of the ascending triangle, which would have this market looking towards the $80 level. The 50 day EMA underneath continues offer plenty of support
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