Crude Oil Price Forecast – Crude Oil Markets Fail That Trendline
WTI Crude Oil
The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Friday but gave back the gains as we are sitting at a downtrend line. Quite frankly, the market continues to focus on whether or not the recovery continues, but at this point in time it is very unlikely that we will see clarity, at least not anytime soon, and therefore I think you need to pay close attention to the greenback as well and is the overall attitude of traders in general. This is a market that has some work to do, but if it can clear the $70 level on a daily close then I think it goes much higher. To the downside, I suspect that the $67 level offer short-term support.
Crude Oil Video 06.09.21
Brent
Brent markets have initially tried to break above the downtrend line but turned around to show exhaustion. At this point, I think we are trying to figure out whether or not we can change the trend and it looks to me as if the market will continue to see this area above as significant resistance, so if we can break above the highs of the trading session on Friday then it is likely we go looking towards the $75 level. On the other hand, if we see the market break down below the bottom of the candlestick then we will almost certainly test the 50 day EMA underneath. Breaking down below that could open up a move down to the $70 level, an area that would of course attract a certain amount of attention. All that being said, the market is likely to see support there. If we break down below $70 then I think this is a market that is part.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
