Crude Oil Price Forecast – Crude Oil Markets Continue to Build Bullish Flag

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially rally during the trading session on Monday but did give back some of the gains. Because of this, we have remained in the bullish flag, but quite frankly I have no interest in shorting this market. If we can break above the top of the candlestick for the Monday session, that should kick off another attempt at the $85 level, and then possibly even a major breakout which could send this market towards $100 a barrel. That is the consensus right now, and quite frankly OPEC has no interest in trying to alleviate the issue. Currently, there are some whispers of the SPR in the United States being released, but that will be a temporary blip on the radar.

Crude Oil Video 09.11.21

Brent

Brent markets have initially tried to rally a bit during the course of the trading session Monday as well, but then gave back about half of the gains by the time New York started trading. That being said, if we can break above the $85 level, then it is likely that we go much higher. The Brent markets look just as bullish as the WTI market, and both have used the 50 day EMA as support. Because of this, I think it is only a matter of time before we rally rather significantly. Demand for crude oil will continue to go higher, as the world reopens and of course the possibility of the US dollar getting smoked only helps that situation as well. In general, this is a very strong looking chart despite the fact that we did give back some of the early gains.

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