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Crude Oil Price Forecast – Crude Oil Markets Banging Up Against Trendline

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In this article:
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  • BNO
  • CL=F
  • SI=F
  • ZI=F

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Friday, to threaten the $70 level. If we get a daily close well above $70, then it is likely that we go much higher, perhaps reaching towards the $74 level. On the downside, the $67.50 level is significant support, and therefore I think that you could go looking towards that as a “floor the market.” As long as we stay above there the market is one that you should be buying on dips and waiting for break out to add to.

Crude Oil Video 13.09.21

Brent

Brent markets of course acted very much the same, as the 50 day EMA underneath has offered a little bit of support, right along with the rear the $73.50 level on a daily close, then it is likely that this market could go higher. At that point I would anticipate $75 coming into the picture, possibly even $80 before it is all said and done. On the other hand, if we break down below the $70 level, we could see oil get absolutely hammered.

I think the one thing that you can pay close attention to is the fact that the US dollar has a certain amount of influence on this market as well, so if we do see the US dollar fall, that might be reason enough to think that crude oil could take off. On the other hand, if it starts to strengthen drastically that could put a little bit of pressure on this market.

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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