Crude Oil Price Forecast – Crude oil markets continue to pressure the upside
West Texas Intermediate Crude
The West Texas Intermediate Crude Market It rose during the trading session on Friday only to turn around and show the $80 level as significant resistance. If we do break above this level, the market will likely go towards the $82.50 level, but it will take a bit of momentum, which is definitely not what the market intended this weekend.
If we pull out from here, it is very likely that the $75 level will continue to provide support, and perhaps the $77.50 level comes into the picture as well. Either way, there is no real reason to sell this market, as it is very likely that we will have more upside as supply remains restricted.
Crude Oil Video 11.10.21
Brent Markets We struggled a bit during the trading session as well, as we couldn’t break out to a new high. However, the $80 level below should continue to provide a lot of support so buying pullbacks makes some sense. Honestly, I don’t even have a scenario where I would sell this market. Having said that, if we break above the last two sessions, we can head towards the $85 level. I have absolutely no interest in short selling, just as I feel the same about the WTI market. A drop in the US dollar could help, but frankly I don’t think people are paying attention to that. The 50 day EMA is at the $75 level and it is rising so it should continue to attract a lot of momentum as well.
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