Crude Oil Weekly Price Forecast – Crude Oil Continues to Follow The Same Range

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market fell significantly during the course of the week to reach down to the $68 level. But really, at this point in time, the real support is closer to the $65 level, so we could have a little further to go to the downside. It is worth noting that the $65 level has been support for basically three years. So really, at this point in time, I think you’ve got a situation where value hunters will more likely than not be attracted to the West Texas Intermediate crude oil market. But if we were to break through that $65 level significantly, that could lead to pretty significant selling pressure.

Brent Crude Oil Weekly Technical Analysis

Brent markets look very much the same, although the support level in the Brent market is the $70 level. The $70 level is more likely than not going to be the scene of a lot of options traders and options barriers being thrown around. So, I do think it’s going to be difficult to break through there. If we do, though, that could open up a plunge down to the $60 level.

Rallies at this point, I think could go looking to the $80 level, but that would need some type of really positive momentum to enter the market and take hold of Brant. All things being equal, I think this is a market that’s going to at least try to stay in the same consolidation range that we have been in for about two years or so, and therefore I don’t see much to the downside here. But again, if we do see the breakdown, it could be like a trap door opening.

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