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Crude Oil Price Forecast – Crude Oil Markets Get Hammered

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Monday, as traders continue to focus on rising coronavirus figures, and of course the fact that the end-user demand numbers for distillates and gasoline continue to disappoint. Because of this, I think that the markets will continue to be very volatile, but when you look at the longer-term picture, we are still very much in an ascending triangle that has yet to be violated. We are also in an uptrend, so that something that you should not be ignoring either.

Crude Oil Video 11.05.21

Brent

Brent markets also were very volatile during the session and continue to pay close attention to the $70 level. The $70 level of course is an area that will attract a lot of attention as it was massively resistive in the past, and of course is a large, round, psychologically significant figure. With that in mind, I think that it will take a certain amount of momentum and effort to break above there, but once we do it should be a very bullish sign. Once we get that breakout, the market is likely to go looking towards the $72.50 level, and then possibly the $75 level after that. All things being equal, this is a market that I have no interest in shorting, unless of course we were to suddenly break down below the 50 day EMA, which is near the $65 handle. If we did break down below there, then it is likely that the market could go down towards the 200 day EMA which is currently sitting at the $56.13 level.

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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