Crude Oil Weekly Price Forecast – Crude Oil Continues to See Support at The Same Area

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market initially fell during the week, only to turn around and recapture the $67.50 level. By turning around and showing the strength that we have, it does look like we are in the midst of perhaps trying to bottom out. If we can break above the top of the weekly candlestick, I suspect that we could go looking to the $71.50 level and then the $75 level if we are finally done shorting the oil market. When you look at the overall trading of the last 20 months or so, we’re just going back and forth. We may be getting ready to see more of the same.

Brent Crude Oil Weekly Technical Analysis

The Brent market looks very much the same as well as we have turned around to form a hammer. And I do think this suggests that crude oil is about to recover in the Brent market also. The oil market selling off the way it has may have been in reaction to the idea that the global economy is slowing down as the crude oil market is reflective of energy demand, which of course is life’s blood of the global markets via transportation, power, consumption, et cetera.

All things being equal, I do think that the market is ready to bounce. Now, whether or not it’s sustainable, we’ll have to wait and see, but it certainly is setting up for at least a return to the range that we have been in. If we break down below the bottom of the hammer in either one of these grades of crude oil, we could see further weakness, but right now it certainly looks like we are about to see the buyers come back and pick the ball back up.

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