Crude Oil Price Forecast – Crude Oil Markets Pull Back to Close Out Month

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back during the trading session on Friday, as the $65 level has offered a bit of resistance. The $65 level has been important more than once, so it is not a huge surprise that we would pull back. This is especially true considering that it was end of the month, and that does tend to attract a certain amount of profit-taking as money managers are trying to pad their results for clients. Beyond that, a lot of people do not want to carry a lot of risk over the weekend, but we are still very much in an uptrend and therefore I will be looking for support of candle.

Crude Oil Video 03.05.21

Brent

Brent markets also pulled back against the uptrend during the trading session on Friday, as we are near where the market had broken down previously. Nonetheless, I do think that the 50 day EMA comes into the picture and offer support near the $64 level. At this point, I will simply be waiting for some type of supportive candlestick to get long in this market, as we are in an uptrend and very likely going to continue to be so as people are starting to look at the reopening trade as offering bullish pressure, as well as British Petroleum and OPEC recently suggesting that demand should continue to sustain a gain of 6 million barrels a day throughout the rest of the year. If the US dollar starts to fall again, that also should send this market higher. For what it is worth, Friday did see the greenback rally.

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