Crude Oil Price Forecast – Crude Oil Looking to Break Out

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market has broken above the $72.50 level, an area that of course I’ve been talking about for a while. And now the question is, do we have any follow through? This is a play that you need to be very on top of because this could be the beginning of something rather big. I’ve been talking about this area for a while now, and quite frankly, we are getting here quicker than I thought we would.

So, it looks like oil is trying to break out. If we can clear the $73 level on a daily close, I think it’s a very strong likelihood that short-term pullbacks will continue to bring in more buyers. as crude oil may have finally found some type of bottom.

Brent Crude Oil Technical Analysis

Brent, of course, looks very much the same thing. And if you miss the WTI trade, it might be Brent that you need to do or UK oil, just simply because it’ll be playing a little bit of catch up. Nonetheless, I do like the idea of WTI crude oil more than Brent, mainly due to the fact that it is more US centric, and that’s where most of the growth is right now. Oil has been stubborn over the last couple of months and just would not break through that two year low.

And now we’re starting to see the opposite forces come into the market. And I do think that we have further to run in both of these markets, but it’s very likely we’ll get the occasional pullback. Just keep that in the back of your head and make sure that you don’t overexpose yourself in what is a thin time of year, I would not get huge, but now is the time to really start to pay attention to whether or not we have a new trend forming.

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