Crude Oil Price Forecast – Crude Oil Markets Finding Support

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Monday to find support just above the $60 level. At this point, the market looks as if it is trying to test the bottom of the uptrend line that had previously been so important. If we can break above that uptrend line, then it is likely that we would go much higher. At that point, I would anticipate that the market would probably go looking towards the $65 level. That being said, a break down below the 50 day EMA could open up the floodgates to the downside.

Crude Oil Video 23.03.21

Brent

Brent markets also have pulled back initially during the trading session only to turn around and reach towards the previous uptrend line. If we can break above there, then I think we go looking to take out the massive selloff from last Thursday. Nonetheless, I think there are a lot of concerns out there when it comes to economic growth, so I do not know necessarily that we have the catalyst to drive this market to a fresh, new high, but at this point I think that the market is likely to look at the $70 level as a massive barrier. If we were to break above it, obviously that would be an extraordinarily bullish sign, but I do not see that happening in the short term.

However, if we were to break down below the 50 day EMA, the market is likely to go down to the $55 level. Pay close attention to the US dollar, because if it starts to strengthen again that probably works against the value of this market as well.

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