Crude Oil Price Forecast – Crude Oil Markets Drift Lower

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Friday as we continue to pay close attention to the uptrend line underneath. We also have the 50 day EMA just above at the $70 level, so we are getting squeezed just a bit. That being said, the market has recently formed a bit of a double bottom near the $65 level. If we break down below there, then it is likely that we could go much lower. On the other hand, if we turn around a break above the $70 level, then it is possible that we could go looking towards the $74 level. In general, this is a market that I think continues to be very noisy.

Crude Oil Video 16.08.21

Brent

Brent markets have also pulled back just a bit during the trading session, as we continue to see markets show exhaustion. The 50 day EMA above continues offer resistance, as we have rolled over and showed signs of exhaustion. Underneath, the uptrend line also offer support here, so I think at this point we need to see some type of impulsive candlestick to start following, which means that if we get a loan candlestick that rakes down below the $67.50 level, the market could go much lower, at least reaching down to the $65 level. On the other hand, if we break above the top of the 50 day EMA, then it is likely that the market goes looking towards the $75 level. Ultimately, this is a market that I think continues to be noisy to say the least.

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