Crude Oil Price Forecast – Crude Oil Markets Continue to Plow Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied just a bit during the trading session to gain over 1% as market participants have reached towards the highs again. The global economy appears to be reopening, and that of course is going to drive prices higher as it has become somewhat of a “one-way trade.” Ultimately, I like the idea of buying pullbacks and it should continue to respect the $70 level, which of course is a large, round, psychologically significant figure. If we break down below there, the $67.50 level would be supportive as well, as it was the top of the ascending triangle. I believe at this point in time, the market is likely to go looking towards the $77.50 level.

Crude Oil Video 22.06.21

Brent

Brent markets have rallied during the trading session on Monday, to reach towards the $75 level. If we can break above the $75 level, then the market is likely to go looking towards the $80 level. This is the “measured move” of the ascending triangle, and of course we have the 50 day EMA reaching towards the top of the ascending triangle, adding more credence to the idea of the $70 level to be supportive.

It is not until we break down below the bottom of the ascending triangle in either one of these grades that I would be a seller. I do not see that happening anytime soon, and of course with the world waking back up, it makes quite a bit of sense that demand will continue to push this market higher. At this point, I have no interest in shorting anytime soon.

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