Crude Oil Weekly Price Forecast – Crude Oil Continues to Bounce About

WTI Crude Oil Weekly Technical Analysis

Crude oil has drifted a little bit lower during the course of the week, but quite frankly, when you look at the West Texas Intermediate charts on the weekly timeframe, you can see a major symmetrical triangle. It’ll be interesting to see how this plays out, but it is certainly something worth paying attention to.

Furthermore, the $80 level is right in the mix, so that probably would offer a bit of noise in and of itself. So, with that being said, I think you are going to continue to see a lot of noisy behavior. And if we can break above the $85 level, then we could go much higher. It is the time of year when we typically do fairly well as the demand for travel picks up.

Brent Crude Oil Weekly Technical Analysis

Brent looks very much the same. You could probably draw out a symmetrical triangle as well. But really at this point, it looks like we’re just hovering around the $84 level. The $84 level is an area that’s been important more than once. In general, this is a market that I think continues to be choppy, maybe sideways overall, more of a buy on the dip type of scenario.

Brent is going to move right along the lines with WTI. So, with that being the case, you’re going to have to watch one to discern what happens with the other. Ultimately, this is a market that has a lot going on, and as a result, we are likely to continue chopping about.

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