Crude Oil Price Forecast – Crude Oil Continues to Look Strong

WTI Crude Oil Technical Analysis

The crude oil market initially did push higher during the early hours on Friday, but now it looks like we are pulling back just a bit as we have broken out above minor resistance. The question now is whether or not we have support underneath. And I do think that the West Texas Intermediate Crude Oil Market will find plenty of support all the way down to the $80 level. The question of course is when does it come into play? Well, we don’t know that, but dips should continue to be attractive for those looking for value all the way down to that $80 level. So, I’ll be looking for some type of bounce to get involved.

Brent Crude Oil Technical Analysis

Brent markets look very much the same, their support going more likely than not all the way down to about $84. So, with that in mind, I think it’s just a matter of waiting for the market to pull back and then bounce slightly so you can get involved. I think both of these markets are going to continue to see strength this time of year.

After all, summer is high demand season. And of course, we have plenty of geopolitical concerns out there to drive oil higher potentially as well. With this, there’s no real scenario where I would be a seller of this market, but I don’t necessarily want to chase all the way up in the air either. So, with that being said, I like the idea of finding a little bit of value and taking advantage of it.

I think both Brent and the West Texas Intermediate crude oil markets should do fairly well over the summer, but I don’t know necessarily if it is going to be an erratic or a hectic move. It might be more of a grind.

For a look at all of today’s economic events, check out our economic calendar.