Crude Oil Price Forecast – Crude Oil Markets Continue to Favor UpsideCrude oil markets gapped higher to kick off the trading session on Thursday, dropped a bit, only to turn around and show signs of strength again.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gapped higher to kick off the session on Thursday only to turn around and bounce again after filling the gap. The $72.50 level looks as if it is holding rather firm, so therefore I think markets will continue to pay close attention to that level. Furthermore, we also have the $70 level underneath offering support. Based upon the measured move of the ascending triangle, I still anticipate that the West Texas Intermediate Crude Oil market goes to the $77.50 level given enough time. I believe that short-term pullbacks continue to offer buying opportunities for traders to get involved with, as demand for crude oil should continue to pick up throughout the year.
Crude Oil Video 25.06.21
Brent markets also look bullish, as they have held onto the $75 level quite easily. At this point time, using the measured move for the triangle, the market is likely to continue reaching towards the $80 level, and quite frankly pundits now are starting to suggest that perhaps crude oil will rise as high as $100 a barrel. Regardless, it looks like the $70 level underneath is going to be the “floor the market” as the 50 day EMA is crossing that level, bring in even more attention and potential support to that region. All things been equal, I think this is a market that you can buy on dips and take advantage of what should be a very strong run into the end of the year. That being said, you should probably build up a position, not jump into the market with both feet.
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