Crude Oil Price Forecast – Crude Oil Markets Rallied Again

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday, reaching towards the $61 level. We also reached towards the previous uptrend line, and by the end of the week it looks like we are going to continue to chop back and forth and try to figure out where we are going next. After all, demand is probably dropping due to the European lockdowns, but at the same time we have the ship being grounded in the Suez Canal blocking off some of the world’s crude oil supply. I think we continue to see a lot of noise, and quite frankly I am somewhat neutral at this point.

Crude Oil Video 29.03.21

Brent

Brent markets have rallied during the course of the trading session on Friday as we are going to continue to see a lot of noise. The previous uptrend line should offer resistance, and the $65 level could very well do the same thing. All things been equal, we are hanging around the 50 day EMA and that makes quite a bit of sense as this tends to be a bit of a magnet for price. Underneath, we have the $60 level and if we break down below that is likely that the market goes looking towards the $55 level.

If we were to break higher, it is probably going to continue to be noisy, but we will probably go looking towards the $70 level above. At that point, it might be difficult to continue going higher, but I think at this point in time we are simply just chopping back and forth in order to try to figure out where to go next.

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