Crude Oil Price Forecast – Crude Oil Markets Continue to Build Base

WTI Crude Oil

The West Texas Intermediate Crude Oil market pulled back just a bit during the trading session on Friday but continues to see plenty of support at the $70 level. This is an area that previously was important multiple times, and of course will attract a lot of interest by traders just due to the psychology of it. The ascending triangle underneath actually is found at the $67.50 level, where we had broken out of. Ultimately, it is not until we break down below there and the 50 day EMA that I even worry about the market. That being said though, the market probably goes looking towards the $77.50 level based upon the “measured move” of the ascending triangle.

Crude Oil Video 21.06.21

Brent

Brent markets pulled back just a bit during the course of the trading session on Friday as well, only to turn around and form a bit of a hammer. Ultimately, if we can break above the $75 level it is likely that the Brent market goes looking towards the $80 level which would fulfilled the measured move of the ascending triangle underneath. The 50 day EMA is racing towards the $70 level, and that of course comes into the picture as well. The Brent market of course is looking at the reopening trade with the demand picking up just like other markets and grades of crude oil are. I have no interest in shorting this market, nor any other energy market in the short term. If we break down below the bottom of the ascending triangle, that could change things, but I do not see that happening anytime soon.

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