Crude Oil Price Forecast – Crude Oil Markets Continue to Press Resistance

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back significantly towards the $65 level, which of course is a large, round, psychologically significant figure. At this point, the market ended up forming a hammer and it does appear as if the market is trying to break out from here, so I do like the idea of going long on a daily break out above the $67.33 level. To the downside, if we were to break down below the $65 level it is likely that we would see the 50 day EMA coming into the picture, right along with the uptrend line that forms the same triangle that of course so many people are paying close attention to.

Crude Oil Video 27.05.21

Brent

Brent markets continue to show hesitation, but it looks to me as if the market is trying to go towards the $70 level. The 50 day EMA underneath offer support, right along with the uptrend line, and if we can get a daily close above the $70 level, then it is likely that the market goes looking towards the $75 level rather quickly. I do think that this is essentially what happens longer term, as the market will continue to see a lot of noisy behavior, as we are paying close attention to the Iranian nuclear talks and how they are going. Because of this, the market could have the occasional pullback, but I think that will continue to offer a potential value play. If we break down below the $65 level, then it is possible that the market could drop as low as the 200 day EMA.

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