Crude Oil Price Forecast – Crude Oil Markets Continue to Press Downtrend Line

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, as the 50 day EMA continues to offer quite a bit of attention, as it goes flat and continues to keep the market somewhat consolidated. Furthermore, you should also pay close attention to the downtrend line that is currently pressuring this market to the downside. Despite the fact that the inventory numbers were weaker than anticipated, oil traders continue to pick up dips. This is possibly a scene where traders simply look towards the idea of the reopening being stronger than anticipated.

That being said, if we break down below the bottom of the candlesticks of the last couple of sessions, this market could fall rather hard, reaching towards the $65 level. Breaking above the $70 level allows this market to go much higher, perhaps reaching towards the $74 level.

Crude Oil Video 10.09.21

Brent

Brent markets have initially pulled back during the trading session on Thursday to reach down towards the 50 day EMA, which has been going sideways for a while. Ultimately, this is a market that I think has quite a bit of support in that general vicinity, but if we break down below there it is likely that we go looking towards the $70 level. The $70 level being broken to the downside opens up a move down to the $67.50 level. On the other hand, if we were to turn around and break above the top of the shooting star on Monday, then it opens up the possibility for a move towards the $75 level. After that, then we could go much higher. Nonetheless, this is a market that looks as if it is trying to build up pressure to go in one direction or the other.

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