Crude Oil Price Forecast – crude oil continues to show strength

The WTI Crude Oil market rallied slightly during the trading session on Monday to kick off the week, but we are right at an area where the market had sold off drastically so I do not think it’s going to be easy to continue going higher. That being the case though, it looks as if the inverted head and shoulders pattern is trying to prove itself, and therefore I like the idea of buying a pullback near the $55 level, and it could send this market much higher. This is a market that will continue to get a bit of a boost due to the greenback falling, and I do believe that we are going to make a move towards the gap at the $60 handle above. However, there will be the occasional pullback to offer value.

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