Crude Oil Price Forecast – Crude Oil Markets Continue to Hover at High Pricing

WTI Crude Oil

The West Texas Intermediate Crude Oil market has been very choppy during the trading session on Tuesday, as we continue to see a lot of noisy behavior. The $80 level is an area that attracts a lot of attention, and now it looks as if we are trying to digest a lot of the recent gains in order to be comfortable in this general vicinity. The shooting star from the previous session on Monday is a good barometer as to where we are going, because we break down below the bottom of it, we could pull back towards the $77.50 level, possibly even the $75 level. Both of those areas could end up being a nice opportunity to get long of a market that is very bullish. On the other hand, if we turn around and take out the top of the shooting star from the Monday session, then it looks like we are going to the $85 level.

Crude Oil Video 13.10.21

Brent

Brent markets have gone back and forth during the course of the trading session on Tuesday as we continue to see a lot of volatility in the commodity markets in general. That being the case, I think what we have here is a scenario that you continue to buy dips, especially at the $80 level, a psychologically important level that will attract quite a bit of headline attention. With that being the case, I think it is only a matter of time before buyers will come in on the dips, which is what we have seen for quite some time now. After all, there is a lot of concern out there when it comes to crude oil supply, and that is not changing anytime soon.

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