Crude Oil Price Forecast – Crude Oil Markets Pull Back Into Triangle

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Thursday as we continue to go looking towards support underneath at the $64 level. We are also in the midst of a major ascending triangle that should not be forgotten either. It is because of this that I anticipate that we will probably see some value hunters in this general vicinity try to push this higher. However, if we were to break down below the 50 day EMA then we could be looking at a bit of a deeper correction. Until then, I assume that this market continues to go higher over the longer term.

Crude Oil Video 14.05.21

Brent

Brent markets of course are following the same general pattern, as the $70 level above continues to cause a bit of resistance. If we can break above the $70 level, then it is likely that we go much higher, perhaps reaching towards the $75 level. All things been equal, this is a market that should offer plenty of value in this general vicinity, and with that in mind, I believe that this is a market that will ultimately find some type of reason to go higher, based upon the idea that the reopening trade should push demand up around the world. However, there are some concerns about increasing Covid numbers in various places like India and Brazil, but at the end of the day the market has been looking through that for some time so one would have to think it will continue to do so again.