Crude Oil Price Forecast – Crude Oil Continues to Show Resilient Behavior

WTI Crude Oil Technical Analysis

On the four-hour chart, you can see that the West Texas Intermediate Crude Oil Market has pulled back just a bit to show signs of hesitation, but then turned around to rallied significantly. At this point in time, it looks like the market is doing everything it can to rally towards the $80 level.

However, I do believe that it’s going to take a significant amount of momentum to get there. Short-term pullbacks continue to be potential buying opportunities. After all, this is a time of year where crude oil tends to do fairly well. Furthermore, and this is something not worth overlooking anytime soon, is the fact that we have a lot of geopolitical concerns out there. So, I do believe this is a buy on the dip market.

Brent Crude Oil Technical Analysis

Brent looks very much the same. We had pulled back initially during the day but found enough support near the $81.50 level to turn things around. If we can break above the $83 level, I don’t see anything stopping us from getting to $84.50, but it may take a little bit of time to get there. Keep in mind that Brent also has to deal with a lot of geopolitical concerns.

It’s also possible that with the interest rate cuts around the world and the jobs market being as strong as it is in America, we may see demand pick up. If that’s the case, then I fully anticipate that crude oil continues to grind its way higher, although it may be a bit of a messy and noisy move in the process. Because of this, you have to be cautious about your position sizing. You don’t want to get over levered to the crude oil market because it can make erratic moves from time to time.

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