Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Bounce Around In Triangle

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially pulled back during the course of the week only to find buyers at the bottom of the ascending triangle that has been so important for the last couple of months. Ultimately, if we break above the top of the triangle, which is substantively the highs of the week, it is likely that we could go looking towards the $70 level, perhaps even the $72.50 level. At this point in time, if we were to break down below the bottom of the uptrend line, then it is possible we make a move down towards the $57.50 level. Nonetheless, it certainly looks as if oil continues to find plenty of buyers.

WTI Oil Video 17.05.21

Brent

Brent markets initially tried to break out but then pulled back again to test the bottom of the triangle only to find buyers yet again. Ultimately, it is likely that we will break out above the $70 level and go looking towards the $80 level, based upon the measured move of the height of the triangle. If we were to break down below the uptrend line, then we will more than likely drop down towards the $60 level. The $60 level is also starting to attract the 200 week EMA, so all things being equal I do think that it is only a matter of time before the buyers would come in at that area due to the technical strengthen of course the large, round, psychologically significant of that figure. Nonetheless, I believe this is a market that is also getting a boost due to the idea of the reopening trade and of course increased demand worldwide.

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