Crude Oil Price Forecast – Crude Oil Markets Continue to Show Bullish Pressure

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Wednesday as we have broken above the $70 level. By doing so, it looks as if the market is going to try to take out that nasty red candle from a couple of weeks ago, and then go looking towards the $80 level after that. Any move above $80 will of course send this market looking towards $85 level above.

Pullbacks at this point in time should continue to find buyers underneath at the 50 day EMA, which sits just below the $75 level. Ultimately, this is a market that I think continues to see upward pressure but perhaps in a noisy manner.

Crude Oil Video 06.01.22

Brent

Brent markets have also rallied to break above the $81 level, and therefore show signs of strength yet again. We are on the verge of taking out the big “wipeout candle” from a couple of weeks ago, but ultimately, I think that we go looking towards $85 level, and then possibly beyond that. I have no interest in shorting crude oil, because quite frankly it shows signs of strength again, and of course it looks like we are breaking out of a bullish flag which measures for a move to the recent highs. Ultimately, this is a market that I think continues to find plenty of buyers, especially if the US dollar takes a bit of a hit as the contract of course is priced in those greenbacks. Regardless, it looks as if the oil cannot be shorted anytime soon.

For a look at all of today’s economic events, check out our economic calendar.