Crude Oil Price Forecast – Crude Oil Slamming Into Resistance Again

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to continue seeing a lot of bullish pressure. Ultimately, the market is likely to see an attempt to break out to the upside, and if we can clear the $50 level, the market is likely to go looking towards the $52.50 level, possibly even the $55 level if we can continue to get stimulus. On the other hand, if we pull back from here then it is likely that the $47.50 level could offer minor support, while there is even major support at the $45 level near the 50 day EMA.

Crude Oil Video 06.01.21

Brent

Brent markets also have rallied rather significantly to slam into resistance, near the $53.25 level. At this point, the market is likely to continue to go higher, reaching towards the upside and the form of the $55 level. The candlestick is of course very bullish, and it does look very likely that we are going to continue to see dips as buying opportunities with the $50 level underneath offering support. I think at this point in time we are essentially in some type of trading range that looks like it is about to get broken. If we break above the top of the shooting star, then the market is likely to continue to go higher.

To the downside, it is not until we break down below the $49 level that I would be concerned, and even then, I think it is only a short-term selling opportunity more than anything else. Pay attention to the US dollar, because it does tend to be moving in the opposite direction over the longer term.

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