Crude Oil Price Forecast – Crude Oil Markets Testing Bottom of Triangle

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Wednesday as we saw quite a bit of “risk off” type of trading out there around the world. It was not just crude oil markets; it was basically anything that had been rallying over the last several weeks. With that being the case, the fundamental outlook for crude oil has not changed, so at this point it is very likely that we will see buyers come back into pick this market up given enough time. At this point, I anticipate that this market probably find buyers to turn things around and continue the overall uptrend.

Crude Oil Video 20.05.21

Brent

Brent markets of course have followed the same trajectory, reaching towards the 50 day EMA before bouncing a bit. That being said, the market is likely to see a bit of noise in this general vicinity, but I also recognize that this is a market that is in an uptrend, and that is the most important thing to pay attention to. Because of this, the market is likely to see a push to the upside, perhaps back towards the $70 level but it is obviously sustained quite a bit of damage in the short term, so I think at this point in time we need to be very cautious about our position size, but ultimately, I do think that we continue to go higher over the longer term. If we break down below the $65 level though, that could change quite of bit of momentum and attitude when it comes to this market.

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