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Crude Oil Continues to Grind Higher
By: Christopher Lewis | June 23, 2021

• Crude oil markets have rallied again during the trading session on Wednesday as we continue to see the supply of crude oil tighten after the pandemic.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the course of the trading session on Wednesday, as we continue to see bullish pressure in the oil markets as the supply of crude oil continues to tighten after the coronavirus pandemic. Ultimately, the $70 level underneath could be support, and most certainly the $67.50 level would be. All things being equal, if we can break above the $75 level, the market is ready to go higher, perhaps reaching towards the $77.50 level, based upon the “measured move” of the triangle. Regardless, I have no interest in shorting this market in a look at pullbacks as potential buying opportunities.

Brent

Brent markets also have rallied, to break above the $75 level, and reach towards the $76 level. We are very bullish in this market, and as we get the inventory figures coming from the government in the United States late in the session, that could cause a little bit of noise, but at the end of the day it is clear that demand is going to continue to pick up so I would look at any pullback as a “knee-jerk reaction” that you should take advantage of, offering value going forward.

To the downside, the $70 level I believe is the “floor the market”, due to the fact that it is the top of a major triangle. That triangle measures for a move to the $80 level, and with many pundits around the world predicting $100 per barrel, that is not a very outrageous prediction to say the least as we are obviously very bullish.

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