Crude Oil Price Forecast – Crude Oil Markets Continue Extension to The Upside

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the trading session on Tuesday, to go looking towards the $79 level. At this point, it is probably only a matter of time before we reach the $80 level, which of course is a large, round, psychologically significant figure, and an area that will attract a lot of attention in and of itself. Because of this, I would anticipate a little bit of a pullback, but that pullback will almost certainly be bought into as there is no reason to think this changes anytime soon. If we do get a significant selloff, I suspect that the $75 level will be your “floor the market.”

Crude Oil Video 06.10.21

Brent

Brent markets also look like they are ready to go to the moon, and quite frankly I think we will continue to see a lot of “buy on the dip” type of traders coming into pick this up. $80 at this point seems to be the floor the market, as it should be a large, round, psychologically important level. A break of that could cause some issues, but really it is not until we break down below $77.50 that I would be concerned. With this, I think that it is more likely that we go looking towards the $85 level than the $80 level, but we are obviously getting a bit stretched at this point. With that in mind, look for short-term value that you can take advantage of, because markets cannot go straight up in the air forever, but they most certainly can trend much higher than we see at the moment.

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