Crude Oil Price Forecast – Crude Oil Markets Guiet In Thin Holiday Trading

WTI Crude Oil

The West Texas Intermediate Crude Oil market was very quiet during the trading session of course on Monday, as the extended Independence Day holiday of course keeps the volume very small. However, the $75 level course is a large, round, psychologically significant figure that a lot of people will pay close attention to, and as a result it is not too much of a surprise to see the market sitting in this general vicinity.

If we can break above the candlestick from last Thursday, that opens up the possibility of a move towards the $80 level. To the downside, I see the $72.50 level as a potential buying opportunity based upon support, especially as the 50 day EMA is starting to reach towards the $70 level as well.

Crude Oil Video 06.07.21

Brent

Brent markets of course were just as quiet, as we are hanging about the $76 level. If we can break above the highs of last Thursday in this market, that opens up a move towards the $80 level as well, and at this point I believe that the “floor the market” is closer to the $70 level, but I also believe that the $72.50 level is also an area that will attract a significant amount of interest. The 50 day EMA has already crossed the $70 level, and it looks as if we are ready to go much higher. Ultimately, this is a bullish market and should continue to be so but there will be obvious headlines coming out of OPEC over the next few days that could have a lot to do with where we go next.

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