Crude Oil Price Forecast – Crude Oil Markets Continue to Rise

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Wednesday as we continue to see a lot of upward pressure. Quite frankly, at this point it is simply a matter of buying on the dips as we continue to go higher, with an eye on the $75 level as a major target. Based upon the measured move of the ascending triangle, the longer-term target is actually the $77.50 level above. To the downside, I still see the $70 level as an area of interest, and I think it is only a matter of time before we continue to go higher on dips, as we are most certainly in a bullish market.

Crude Oil Video 17.06.21

Brent

Brent markets also have been very bullish, reaching towards the $75 level. The $75 level is a large, round, psychologically significant figure, but when you look at the shape and size of the ascending triangle, the target is still $80. I would anticipate some type of reaction to the $75 level, quite frankly based upon the psychology of it more than anything else. Pullbacks at this point in time should continue to be a buying opportunity, with the $70 level underneath being a major “floor the market”, as it is the top of the previous ascending triangle. I have no interest whatsoever in shorting crude oil, and look it dips as buying opportunities in a market that clearly continues to see buying pressure as demand should pick up, due to economies around the world continuing to open up and of course inflation.

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