Crude Oil Price Forecast – Crude Oil Markets Continue Bullish Behavior

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially dipped on Friday but then turned around to show signs of strength as the market looks ready to go looking towards the $75 level. The $75 level of course is psychologically important, but at the end of the day I think it will more than likely give way to the buyers. All things being equal, demand for crude oil should continue to pick up over the next several months, so I think at this point in time any pullback should be a nice buying opportunity. The 50 day EMA is reaching towards the top of the ascending triangle that we recently broken out of, so I think that essentially will be your “floor the market.”

Crude Oil Video 28.06.21

Brent

Brent markets initially pulled back a bit during the trading session on Friday to reach down towards the $75 level. However, we have seen a lot of support in that area, and now it looks like we are ready to go much higher. Based upon the “measured move” of the ascending triangle that we broke out of in this market, it is very likely that we could go looking towards the $80 level. Underneath, the $70 level course is a major round figure that of course will attract a lot of attention. It was the top of the triangle, so I think that essentially is going to be your “floor the market” over there. The 50 day EMA is also hanging around the same area, so it is likely that we will see plenty of demand in that general vicinity.

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