Crude Oil Price Forecast – Crude Oil Markets Shoot HigherCrude oil markets rallied significantly during the trading session on Monday, breaking higher after a couple of days’ worth of negativity.
WTI Crude Oil
The West Texas Intermediate Crude Oil market rallied significantly during the trading session to break above the $60 level. That being said, the market looks as if it is trying to reach towards the highs of the last couple of days, which formed a shooting star for the previous week. That being said, the market looks as if it is trying to break out, so if we do break above those couple of candlesticks, the market could then go looking towards the $65 level. On the other hand, if we break down below the lows of the last couple of sessions, then the market is likely to go looking towards the $55 level underneath, probably just-in-time to test the 50 day EMA.
Crude Oil Video 23.02.21
Brent markets initially rally during the trading session but unlike the WTI grade, pulled back rather significantly. The $65 level has offered resistance again, so the question now is whether or not this leads WTI lower concurrently? To the downside, if we were to break down below the hammer from the Friday session, that could open up a move to the $60 handle. Breaking down below their opens up a move down to the 50 day EMA which is currently at the $56.09 level. All things been equal, this is a market that has been a bit noisy to say the least, and more importantly the market has been a bit too parabolic to continue to go higher. However, if we break above the $65 level, it is likely that Brent will go looking towards the $70 level next.
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