Crude Oil Price Forecast – Crude Oil Markets Stabilize

WTI Crude Oil

The West Texas Intermediate Crude Oil market stabilized a bit during the trading session on Friday to hang about the $62 level. Quite frankly, this is something that was desperately needed if we were going to keep some type of uptrend going. Nonetheless, one thing that is worth noting is that we are still on the wrong side of the previous uptrend line, so the question now is whether or not we break down or if we simply go sideways.

For what it is worth, I think that if we were to shoot straight up in the air, that would probably be a bad sign. The candlestick is not that much look at, but it is at least some sign of hope. If we can break above the $62 level, then it is likely that the market will try to take off to the upside. If we break down below the 50 day EMA, then it is likely that this market has much further to fall.

Crude Oil Video 22.03.21

Brent

Brent markets also bounced from the 50 day EMA during the session and are also hanging about the previous uptrend line. At this point, I think if we can break above the $65 level the market will probably become a little bit more positive. On the other hand, if we break down below the 50 day EMA it is likely that we go looking towards the $60 level, maybe even lower than that. One thing is for certain, crude oil markets have been a bit overdone, so I think it makes sense that we give back some at the very least.

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