Crude Oil Price Forecast – Crude Oil Markets Pull Back Towards 50 Day EMA

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen a bit during the course of the trading session on Monday, to reach down towards the 50 day EMA. If we can break above the highs of the trading session, it is very likely that we continue to see the momentum to the upside. At that point, the market is likely to test the $74 level, possibly even the $75 level given enough time.

To the downside, the 50 day EMA and the downtrend line both offer a significant amount of support, so there is no way that I can justify shorting this market until we break down below the $67.50 level underneath, which had been a major support level.

Crude Oil Video 21.09.21

Brent

Brent markets also fell initially during the trading session but have turned around to show signs of life again. Because of this, I think that the buyers will continue to jump into this market to pick up any signs of value. For whatever reason, traders still believe that there is going to be a huge move into the energy sector, and at this point in time it is very unlikely to see a massive selloff. At this point, I think we probably go looking towards the $77.50 level over the next couple of days but pay close attention to the risk appetite out there. That of course could have a major influence on where we go next. As long as we stay above the $70 level, it is likely that there will be plenty of buyers in this market to take advantage of “cheap oil.”

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