Crude Oil Price Forecast – Crude Oil Markets Continue to Look to The Upside

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially gapped lower during the trading session on Thursday but then turned around to rally again as we see plenty of strength in the market. At this point time, the market is likely to go looking towards the $65 level, as it was the scene of significant selling pressure. With that being the case, the market is likely to continue to see a “buy on the dips” type of scenario. If the $65 level above is a large target and therefore we will probably have a certain amount of profit-taking in that vicinity. However, if we were to turn around a break down below the $62.50 level, then I think we head back towards the 50 day EMA.

Crude Oil Video 16.04.21

Brent

Brent markets have tried to rally during the trading session on Thursday, as we now are threatening the $67 level. After this, we will more than likely go looking towards the $60 level where we had seen a lot of selling pressure. Beyond that, then we are looking at the $70 level. The $70 level is a large, round, psychologically significant figure, and therefore it is likely that we will see quite a bit of profit-taking and perhaps resistance in that barrier. Because of this, I would be very cautious about getting overly aggressive, as we may be a little extended in the short term. That being said, I do think that we will eventually try to find our way to the upside. Underneath, we have the 50 day EMA offering plenty of support, as well as the psychologically important $65 level above there.

For a look at all of today’s economic events, check out our economic calendar.