Crude Oil Price Forecast – Crude Oil Pulls Back Slightly

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Monday but gave back the gains almost immediately to reach down below the $65 level. That being said, when you look at the overall trend it is not much of a reversal of the trend, and quite frankly I think at this point in time it is likely that we will see buyers come back into the market, especially if we get close to the uptrend line that I have marked on the chart. The $60 level for me is a crucial level to hang onto, because if we were to break down below there it would change the overall trend. To the upside, the $70 level would be a target for bulls, but I think we may have to pull back a little bit in order to build up the necessary momentum.

Crude Oil Video 16.03.21

Brent

Brent markets have pulled back slightly during the trading session on Monday as well, as we continue to see a little bit of hesitation around the $70 level. At this point, if we were to break above the $70 level, the market could continue to go much higher. In the meantime, this is a market that I think continues to pay close attention to the $70 level and the uptrend line at the same time. I think we will see a lot of choppy behavior, but at this point in time we have to decide which direction we are going to go. It is simple for me, if we break down below this uptrend line, I began selling crude oil. If we break above the $70 level on a daily close, then the market is likely to go towards $75.

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