Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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Crude Oil Continues to Look Buoyant
By: Christopher Lewis | June 22, 2021

• Crude oil markets have gone back and forth during the course of the trading session on Tuesday, as we are at extreme highs currently.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be rather resilient during the trading session on Tuesday, hanging onto the massive gains from the previous session. Ultimately, the market is likely to go looking towards the $75 level above, which is the next major target. Short pullbacks from here make quite a bit of sense, just as people jumping in to take advantage of them does. Ultimately, I believe this is a market that will continue to see a lot of support below at the $70 level, as well as the top of the ascending triangle underneath at the $67.50 level. Based upon the “measured move”, the market could go looking towards the $77.50 level.

Brent

Brent markets also have shown a proclivity to stay somewhat elevated, as the market has tested the $75 level during the trading session. Ultimately, this is a market that I think continues to see plenty of buyers on dips, so I have no interest in shorting this market. In fact, I believe that the $70 level is the top of the ascending triangle underneath, which of course is supportive and beyond that we also have the 50 day EMA is testing that area to offer support as well. All things been equal, this is a market that I think continues to grind to the upside over the longer term, perhaps trying to reach towards the $80 level based upon the “measured move” of the triangle itself. All things being equal, the market is likely to see dips as opportunities to get involved again. Expect volatility, but we are still very bullish.

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