Crude Oil Price Forecast – Crude Oil Continues to Look Strong Overall

WTI Crude Oil Technical Analysis

The crude oil market rallied in the early hours on Monday as it looks like we continue to see upward pressure overall. Now, the question of course is, will there be any follow through? At this point, it’s a bit difficult to tell, but it certainly looks like we are trying to break higher in the West Texas Intermediate crude oil market.

And at this point, I still think we could eventually try to get to the $80 level. All things being equal, the $80 level is a large round number that a lot of people will be paying attention to. And therefore, I would expect a lot of noise there, as short-term pullbacks should continue to see plenty of buying pressure, especially near the $77.50 level.

Brent Crude Oil Technical Analysis

Brent markets look very positive as well. And if we can break above the $83 level, I think Brent goes looking to $84.50. That of course is a significant area of resistance that we have seen cause problems for the markets more than once. That being said, I think it’s probably only a matter of time before we test that area as well.

And with that being the case, I like the idea of perhaps trying to buy dips in little bits and pieces to show, you know, some type of value along the way before putting money to work. I do think this is a market that you have to be very cautious. And therefore, you have to understand that volatility is a feature, not a bug. Geopolitics and seasonality could both come into the picture of the market to push it higher.

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