Crude Oil Price Forecast – Crude Oil Markets Trying to Break Out of TriangleCrude oil markets have rallied a bit during the course of the trading session on Tuesday to show signs of strength yet again.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has broken above the $65 level, and it is looking very likely to try to take off to the upside based upon the whole “reopening trade” that people are paying close attention to. Short-term pullback should continue to be buying opportunities. Underneath, I see the $63 level as support, as it was proven to be resistance previously. All things being equal, this is a market that I think continues to go to the upside, but it will not necessarily be easy to get up there, but it certainly looks as if the market is trying to continue to go higher based upon the overall uptrend. The uptrend line is at the bottom of the ascending triangle, and therefore it looks like there is plenty of bullish pressure.
Crude Oil Video 05.05.21
Brent markets have also rallied during the course of the trading session to show signs of strength going forward. It looks as if the market is trying to go towards the $70 level, an area that of course will attract a lot of attention as it had been resistance previously. With that being the case, I do like the idea of going long on dips as it gives you an opportunity to pick up value. The 50 day EMA is walking right along the bottom of the triangle, and therefore I think we will continue to see plenty of buyers on these dips, especially as we have the “reopening trade” in the forefront, therefore I think we will continue to see the crude oil markets will attract quite a bit of momentum and inflows.
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