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Crude Oil Price Forecast – Crude Oil Markets Struggle With Trendline

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·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back a bit during the course of the trading session on Monday, but keep in mind that the United States and Canada were both away on holiday, so it is worth noting that the market will have seen less in the way of typical volume. Nonetheless, the West Texas Intermediate Crude Oil market has pulled back just a little bit to dipped below the 50 day EMA, only to turn around and form a bit of a hammer. The hammer sits just below a major downtrend line, so if we were to break above there, then the market could go looking towards the $74 level. Alternately, if we break down below the lows on Monday, it could open up a move towards the $67.50 level.

Crude Oil Video 07.09.21

Brent

Brent markets have pulled back a bit during the course of the trading session on Monday to show signs of weakness, but keep in mind that the lack of volume leads one to believe that it is only so reliable as far as the confirmation is concerned. If we can break above the top of the candlestick from the Friday session, that could open up more buying, just as a break down below the bottom of the candlestick during the trading session on Monday could open up a fresh attack on the $70 level. The market breaking down below that level could kick off further downward pressure. At this point, I think we have some decisions to make, and we will more than likely see clearly in the next couple of trading days.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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