Crude Oil Price Forecast – Crude Oil Markets Pull Back

WTI Crude Oil

The West Texas Intermediate Crude Oil market made a fresh eye to kick off the trading session on Monday, but then fell backwards to eliminate some of the gains from the previous session. That being said though, it does not really matter because we are still very much in a bullish run, and therefore it is likely that we will see buyers on these dips. After all, the $70 level underneath should be massive support, and now that the 50 day EMA is reaching towards it, it is very likely that we could go higher after some type of bounce in that general vicinity, assuming we even get there. All things been equal, I think that the market is going to continue to go higher, and this pullback is simply a reaction to the $75 level.

Crude Oil Video 29.06.21

Brent

Brent markets have also pulled back to reach down towards the $75 level, which of course is a large, round, psychologically significant figure. That being said, I think there are a lot of buyers underneath waiting to get involved in, with the absolute “floor the market” being near the $70 level. To the upside, the market is likely to go looking towards the $80 level, based upon the “measured move” of the ascending triangle. It is not until we break down below that triangle that I would be looking to short this market, and quite frankly there would have to be some type of major change in attitude economically to see oil break down like that. If it does, the source of problems would certainly be obvious.

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