Crude Oil Price Forecast – Crude Likely to Continue Higher

WTI Crude Oil Technical Analysis

Crude oil was closed on Friday, but when I look at the charts, I can see clearly that we have a lot of bullish momentum. The WTI crude oil market closed just below the $83 level on Thursday and it looks like we are very close to breaking out to the upside and continuing to go to the $85 level. Short-term pullbacks do make a certain amount of sense, but they also offer a lot of value.

That’s what we’ve seen multiple times. At this point, the $80 level looks to be a massive support level, and it’s also worth noting that we formed the Golden Cross several days ago, which is when the 50-day EMA breaks above the 200-day EMA, and longer-term traders tend to pay attention to it.

With all things being equal, I do think that we continue to buy dips in the WTI market and of course, the breakout that seems all but imminent. Brent looks very much the same as it is hanging around just below the $87 level.

Brent Crude Oil Technical Analysis

In the case of Brent, there is massive support at the $84.50 level. And of course, we also had the Golden Cross here as well. If Brent can break out above $87, and sustain that move, it is more likely than not to go looking to $90. I think crude oil is going to be one of the better trades this year, as we are starting to see trouble with supply. We have plenty of geopolitical concerns and of course, cyclical trade comes into focus as well as there tending to be a lot more traveling this time of year. So, I think we remain bullish.

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