Crude Oil Price Forecast – Crude Oil Markets Testing Top of Triangle

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Tuesday as we are testing the top of the overall triangle that has been forming for quite some time. If we can break above the top of the triangle, then I believe that this market goes looking towards the $70 level, possibly even the $72.50 level. Short-term pullbacks are very likely at this point, but I believe that both the 50 day EMA and the uptrend line comes into the picture as support. It is not until we break down below the uptrend line that I would be concerned about the uptrend. At this point, it still looks very bullish.

Crude Oil Video 26.05.21

Brent

Brent markets also have stalled a bit during the trading session on Tuesday but are not at the top of the overall triangle that we have been in, which features the $70 level as a major resistance barrier. If we can break above the $70 level, then it is likely that this market goes looking towards the $80 level over the longer term as it is the “measured move.” That being said, it is also possible that the Brent market pulls back just a bit, but I think the 50 day EMA and the uptrend line over here also offers support. With that in mind, I am looking to buy dips and I also have no interest whatsoever in shorting this market until we break down below the $65 level. At that point, we could have a move down to the $60 level which of course will attract quite a bit of attention.

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