Crude Oil Price Forecast – Crude Oil Continues to Fight on Monday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market rallied slightly during the trading session on Monday. And at this point in time, it looks like we are trying to take out the 200 day EMA. If we can break above there, then the $80 level could be a bit of a barrier. It’s of course a large round psychologically significant figure and an area that previously has seen a lot of action. If we can take out the $80 level to the upside, then I think oil truly takes off. Underneath, I see a ton of support, especially right around the $77 level, which is basically where we are bouncing from. So, I’m cautiously optimistic in this market, but not necessarily willing to throw a lot of money into it yet.

Brent Crude Oil Technical Analysis

Brent markets look very much the same. It looks like we’re trying to take out the 200 day EMA as we are bouncing from a cluster that you can see over here from a couple of months ago. If we can take out the $84.50 level, then it’s likely that crude oil and the Brent grade will go looking to the $88 level and then eventually the $90 level.

At this point in time, I do think we are going to see an attempt to break to the upside, but you’re going to have to be somewhat cautious and patient as geopolitical concerns have been completely overlooked. And then of course, this correction I think does offer a bit of a valuable opportunity for those who are bullish accrued from the longer term standpoint.

And I do think that as we head into this time of year when there’s more demand anyway, it does make a certain amount of sense that this eventually goes higher, perhaps trying to reach the $90 level. This could end up being a buying opportunity, but again, you want to be very cautious initially. You want the market to prove you correct before you start putting lots of money into the market.

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