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

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Tuesday to break above the $65 level quite handily. Because of this, it looks as if the WTI Crude Oil market could go looking towards the 50 day EMA above just below the $69 level. Breaking above that would of course be a very bullish sign, perhaps sending this market towards the $70 level next. A lot of this comes down to the US dollar as well, so keep in mind that the Jackson Hole Symposium will come into play during this day. All things being equal, this has been a nice rally, but we still have not made a “higher high” quite yet. The 200 day EMA has offered a significant support sign, and so far, it looks like we are going to recover.

Crude Oil Video 25.08.21

Brent

Brent markets have rallied during the trading session on Tuesday as we continue to see a lot of bullish pressure and now that we are breaking above the $70 level it is very likely that we could clear the 50 day EMA next. Doing so would open up the possibility of a move all the way to the $75 level. On the other hand, if we turn around a break down below the uptrend line, then it is possible that we go looking towards the $65 level, which is also where the 200 day EMA currently resides. It does look as if we are trying to change the overall trend to the upside yet again, after a very messy pullback.

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