Crude Oil Price Forecast – Crude Oil Markets Looking for Buyers

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Thursday, but we have seen a little bit of support at the $72 level, showing signs of support. The 50 day EMA underneath should continue to see plenty of attention attracted to it, as the 50 day EMA is a key technical indicator that a lot of people pay close attention to. If we can break above the top of the candlestick for the trading session on Thursday, the market is likely to go looking towards the $75 level again. If we break down below the $72 level, then I feel that the market will almost certainly test that 50 day EMA currently sitting at the $70 handle.

Crude Oil Video 16.07.21

Brent

Brent markets pulled back a bit during the course of the trading session on Thursday only to turn around and show signs of life at the uptrend line. The uptrend line as you can see has been followed for quite some time, the fact that we are forming a bit of a hammer suggests to me that we are more than likely going to bounce from here. If we break down below the uptrend line, then we have the 50 day EMA that should come into the picture as well, followed by the $70 level. It is not until we break down below the $70 level that I would be concerned about the uptrend for Brent, so I think we have a long way to go before we start getting bearish. Furthermore, OPEC+ continues to be in the forefront of news, so the latest rumor will also cause noise.

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