Crude Oil Price Forecast – Crude Oil Looks Supported

WTI Crude Oil Technical Analysis

The crude oil market has shown itself to be very noisy, but it does look like it’s got a certain amount of support in it. The West Texas Intermediate crude oil market is sitting just above the $82 level, which of course is psychologically important. And it’s probably worth noting that we have just formed a huge V on the four hour chart.

That being said, I think you’ve got a situation where market participants are probably going to be trying to drive this market towards the $83.50 level and then perhaps above there, short term pullbacks will be buying opportunities. And I do think that’s how you have to look at this market. After all this is a time of year where you see a lot of demand, and of course, plenty of geopolitical concerns.

Brent Crude Oil Technical Analysis

Brent is in the same situation, but showing a V pattern here. We’re a little over the $85 level. I think we’ve got a scenario where we probably go looking to the $87 level given enough time. So, I look at short term pullbacks into the V as a potential buying opportunity until something completely changes. At this juncture, I think the market is going to continue to be one that you find value in, and trade based on the fact that there is so much demand out there during the summertime.

Furthermore, there have been attacks on refineries in Russia, and although I know nobody buys Russian oil, everybody does through backdoor channels. It ends up in Europe and ends up over here and ends up in India and China everywhere. So, with that being said, I think this is a situation where traders continue to look at dips as opportunities.

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