Crude Oil Price Forecast – Crude Oil Markets Pull Back

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen during the trading session on Wednesday, reaching back from the $85 level. That being said, the $85 level was the recent highs, so it does make a certain amount of sense that we would see a pullback. Nonetheless, it looks as if the top of the bullish flag is forming a bit of support after the breakout, so this is a perfect set up from a technical analysis standpoint. This does not necessarily mean that we have to go higher, but it certainly looks as if we will try to do so. The spiking US dollar has been a bit of a wrecking ball during the session, but that seems to be cooling off as I record this.

Crude Oil Video 11.11.21

Brent

Brent markets have pulled back from the $85 level, showing signs of weakness but now we are at the top of a bullish flag, and it looks as if we are trying to find buyers. If we can break above the $85 level over here, then it is likely that we could go much higher, perhaps reaching towards the $90 level over the longer term. The measured move of the bullish flag it does suggest that we are going to $100, and I think given enough time we will get there. Nonetheless, it does not necessarily mean that we are going to have a straight shot higher, but over the longer term I think it is only a matter of time before the lack of supply continues to cause issues. Ultimately, this is a bullish run, and I do not have any interest in trying to short this market.

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