Crude Oil Price Forecast – Crude Oil Markets Pull Back Slightly

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back ever so slightly during the trading session on Thursday as we continue to see a line of noise in this market. Quite frankly, the move on Wednesday was probably just a little overdone, so it is not a huge surprise to see a little bit of a pullback. This pullback will almost certainly be bought into, with the $71.50 level could offer support, right along with the bottom of the candlestick from the previous session. The 50 day EMA is trying to break above the downtrend line, and therefore it is likely that the indicator could open up the possibility of support as well.

Crude Oil Video 17.09.21

Brent

Brent markets have pulled back to test the $75 level, which of course will attract a certain amount of attention but quite frankly it would not surprise me to see this market drop a little further. Just as with the WTI market, the 50 day EMA is trying to break above the downtrend line, and therefore it is likely that we would see a significant amount of support in that area. That being said, if we were to turn around a break down below it, then the market is likely to fall apart a bit. That is a market that will have shown a major turnaround in attitude, but that seems to be very on likely to happen anytime soon. The market looks as if it is trying to reach the highs again, so I do not really have a scenario in which I am a seller until we break down below that 50 day EMA.

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