Crude Oil Price Forecast – Crude Oil Markets Get Hammered

WTI Crude Oil

The West Texas Intermediate Crude Oil market got absently crushed during the trading session on Thursday to reach down towards the major uptrend line that I have marked on the chart. The question now is whether or not the $60 level can hold? If it does, then I think the market is fine. Nonetheless, crude oil had gotten way ahead of itself and now I think what we are looking at is the market trying to find out whether or not it can continue to go to the upside. I believe that the next day or so could be a bit noisy, so it is probably best to stay away until we see a recovery, or a move below the 50 day EMA which would actually be a signal to start selling.

Crude Oil Video 19.03.21

Brent

Brent markets also fell hard during the trading session to reach towards the $65 level. There is a minor uptrend line in this general vicinity that has held so far, and of course the $65 level itself is somewhat important. If we can turn around and recover from here, then we probably go looking towards the $70 level again, but if we were to break down below that uptrend line, then I think we are looking at a move towards the most recent low before this at the $62.50 level. Breaking down below that could really get the sellers to be aggressive in this market. All things been equal though, it appears that most traders are focusing on the reopening trade at this point, and unless we get a major swing low, you have to assume that the trend is still higher, but we are having quite a bit more volatility.

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