Crude Oil Price Forecast – Crude Oil Markets Hanging Onto Support

WTI Crude Oil

The West Texas Intermediate Crude Oil market has old back initially during the day on Monday but has turned around to show signs of life again. By doing so, it looks as if oil is ready to resume the longer-term uptrend. Quite frankly, this is a market that desperately needed some type of pullback and we have had it. This suggests that perhaps we are ready to turn the whole thing back around and continue reaching higher. The 50 day EMA sits at the $78.39 level, and that is my short-term target on a break above the top of the candlestick for the session on Monday. A breakdown below the bottom of the candlestick then has me rethinking the entire situation.

Crude Oil Video 23.11.21

Brent

Brent markets have fallen down towards the $77.50 level before turning around quite rapidly, forming a bit of a perfect turn around and hammer shaped candlestick. If we can break above the top of the candlestick, then I believe that this market goes much higher, perhaps reaching initially towards the 50 day EMA at $80.50, and then breaking higher to reach towards $85 level. Obviously, that would take some type of effort but at this point it looks as if the market is starting to worry less and less about the US releasing its Strategic Petroleum Reserve, and therefore we may start to see buyers step back in and try to take advantage of “cheap oil.” As things stand right now, this has been a healthy correction in what has been a very strong uptrend. We have seen this before, and recognize that it will simply continue to attract more buyers.

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