Crude Oil Price Forecast – Crude Oil Markets Continue Move to The UpsideCrude oil markets continue to move to the upside on the idea of increased demand, as OPEC recently suggested that demand is going to pick up through the rest of the year.
WTI Crude Oil
The West Texas B to Crude Oil market has rallied a bit during the course of the trading session to break above the $72.50 level but looks as if it is ready to continue going even higher. We may get a short-term pullback, but at this point in time any short-term pullback will be thought of as value. The neutral candlestick from the trading session on Tuesday could offer a little bit of a floor, and it is obvious that we have broken out significantly to the upside. Furthermore, the market has the added benefit of larger demand for heating as well, as natural gas markets have gone off the rails.
Crude Oil Video 16.09.21
Brent markets have also broken out during the trading session on Wednesday, as it looks like we ready to continue going much higher. The $75 level has been an area of interest previously, and now that we have broken above there think it is only a matter of time before the Brent market takes off even further. I would look for some type of short-term pullback in order to find value though, as the 50 day EMA is starting to curl higher after offering significant support.
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If we were to turn around a break down through the previous trendline, then it is likely that the market would collapse at that point. Having said that, we have broken out significantly and have been in an uptrend for quite a while. As things look right now, I would not be surprised at all to see this market reach the recent highs again.
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