Crude Oil Weekly Price Forecast – Crude Oil Continues to See Buyers

WTI Crude Oil Weekly Technical Analysis

The crude oil market has rallied pretty significantly during the course of the week as we have reached the $71.50 level. This is an area that I think will continue to offer a bit of a barrier and if we can break above there, it’s likely that the market could really take off to the upside, perhaps reaching the $75 level.

Short term pullbacks continue to offer buying opportunities as far as I can see, and the $67.50 level is a situation where we would have a lot of value hunters coming into the market. When you look at the last two years, we are basically showing a bit of a floor in this market that we respect.

Brent Crude Oil Weekly Technical Analysis

Brent markets have rallied a bit during the course of the trading week to break above the $72.50 level and now looks as if we are going to go looking to the 200 week EMA somewhere closer to the $81 level. If we can break above there then we could go looking to the $90 level. Underneath we have a lot of support near this area, which could offer a bit of support.

And breaking down below the bottom of the hammer from the previous week would actually be a very negative turn of events. With that being said, this is a market that is still very sideways. Because of this, I think a lot of people will continue to look at it as a “buy on the dips” situation in the short-term.

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