Crude Oil Price Forecast – Crude Oil Market Continue Breakout

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gapped higher to kick off the trading session on Wednesday, reaching towards the top of the candlestick from the Tuesday session. This suggests that we will see follow-through from the breakout and could go looking towards the $70 level initially. After that, then the market is likely to go looking towards the $75 level above. To the downside, I still see the $67.50 level as significant support, and most certainly the 50 day EMA as well as the up trending line from the ascending triangle also. I have no scenario in which I am looking to short this market, and it certainly looks as with the increase in travel that we are seeing in the United States, crude oil is going to move right along with it.

Crude Oil Video 03.06.21

Brent

Brent markets of course look very much the same, and likely to go looking towards the $75 level over the next several weeks. Keep in mind that Brent has been leading the way for a while now, so pay close attention to the potential dichotomy between the two markets as it could give you a bit of a “heads up” into any pullback. Nonetheless, $70 should be massive support now that we have gotten away from the OPEC meeting, and should continue to see plenty of “buy on the dip” type of trading. I have no interest in shorting this market, at least not until we break down below the uptrend line and the 50 day EMA underneath as it would be a significant turnaround in the overall attitude.

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