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Crude Oil Price Forecast – Crude Oil Markets Recover on Friday

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·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has bounced significantly during the course of the trading session on Friday, using both the uptrend line and the 50 day EMA as an excuse to bounce. With this being the case, the market looks as if it is trying to hold the line as it were, reaching towards the top of the ascending triangle. With this, if we can break above the top of the triangle, then we could go much higher. At that point, I would anticipate that the market is free to go looking towards the $70 level. On the other hand, if we were to break down below this uptrend line then we could go looking at the $57.50 level where we would start to focus on the idea of the 200 day EMA coming into the picture.

Crude Oil Video 24.05.21

Brent

Brent markets also bounced from a trendline and seem to be using the 50 day EMA as a support of the indicator, and now it looks like we are going to go looking towards the $70 level. If we can break above that $70 level, then it is likely that the market goes towards the $75 level, perhaps even as high as $80 based upon the “measured move” of the ascending triangle that we are currently in. However, if we break down below the uptrend line then it is likely that the market goes looking towards the $60 level where the 200 day EMA also comes into the picture in this market. Regardless, it certainly looks as if we are trying to go higher given enough time.

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This article was originally posted on FX Empire

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