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Crude Oil Price Forecast – Crude Oil Markets Continue to Look Bullish

By:
Christopher Lewis
Updated: Jun 8, 2021, 16:30 UTC

Crude oil markets have initially pulled back during the trading session on Tuesday but has seen quite a bit of buying pressure come back into the market.

Brent WTI Crude Oil

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WTI Crude Oil

The West Texas Intermediate Crude Oil market fell initially during the trading session on Tuesday but has seen a significant amount of buying pressure come back into the marketplace again. That being said, the market is likely to continue reaching towards the $70 level again. The $70 level is a large, round, psychologically significant figure that a lot of people will pay close attention to, but if we can break above there then it is likely that the market goes looking towards the $75 level. To the downside, I still see plenty of support based upon the $67.50 level which is the top of the ascending triangle that we had recently broken out of.

Crude Oil Video 09.06.21

Brent

Brent markets have pulled back initially during the trading session on Tuesday, as we had reached towards the $70 level. The $70 level was the top of the descending triangle that we had been forming, and as a result it looks like we are going to continue to see buyers on these dips, perhaps reaching towards the $72.50 level and then eventually the $75 level. All things being equal, this is a market that is in a bullish run, and then could perhaps go looking towards the $80 level based upon the “measured move” of the ascending triangle itself, so therefore I think there is a high probability that we get there given enough time. All things being equal, the 50 day EMA has offered quite a bit of dynamic support, and therefore that is where I define the trend as either being intact or not, as so many people pay close attention to it.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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