Crude Oil Price Forecast – Crude Continues to See Support

WTI Crude Oil Technical Analysis

The crude oil market has pulled back just a bit in the West Texas Intermediate crude oil grade in the early hours on Tuesday while we are dancing around the $75 level as New York gets to work. Ultimately, this is a market that I do believe has plenty of buyers underneath, but whether or not it’s the $75 level that holds it up remains to be seen. If we break down below here, the $73.50 level is the next minor support level. And then again, we have support at the $71.50 level, which is much more significant.

The crude oil market to the upside sees the $78 level as a bit of resistance, but it could also be your target on a bounce. When you look at the Brent market, it’s very similar. We are currently dancing around the $79 level, but underneath here, we have more support in the $77.25 region.

Brent Crude Oil Technical Analysis

Brent has the $80 level above offering resistance, but quite frankly, I think oil would move in tandem with both of these grades. All things being equal, I do think that oil is probably more likely to go higher than lower, but a short-term pullback does make a certain amount of sense as profit-taking comes into the marketplace.

I see a massive amount of support in the Brent market at $75.50, so at this point in time, I think that’s your floor in the short-term trend. We had recently bounced from a major floor of the last couple of years but went somewhat parabolic. So, I do think a pullback is probably a good thing, quite frankly.

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