West Texas Intermediate Crude Oil – Crude Oil Markets Continue to Flirt With Upside

WTI Crude Oil

The West Texas Intermediate Crude Oil market has been back and forth during the course of the trading session on Thursday, breaking above the $70 level the second day in a row. If we can turn around on dips going forward, then I think we will gradually build a certain amount of momentum to go to the upside. To the downside, the top of the ascending triangle should continue to offer support, as it had been significant resistance. The $67.50 level underneath is an area that I will be paying close attention to. However, we break above the highs of the Thursday session then I anticipate that the market is probably going to go looking towards the $72.50 level.

Crude Oil Video 11.06.21

Brent

Brent markets have gone back and forth during the course of the trading session on Thursday as well, as we continue to build up the momentum after the bigger breakout. The ascending triangle does suggest that we are going to go higher, and as a matter fact, the measured move is a suggestion of an attempt at $80. All things been equal, I have no interest in shorting this market and I do think that there is a significant “floor the market” underneath. The 50 day EMA has been snaking right along the uptrend line for some time, so I think that continues to support this market as well. Ultimately, buying on the dips should continue to offer plenty of opportunity as inflation and reopening trade scenarios both push this market to the upside over the longer term.

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