Crude Oil Weekly Price Forecast – Crude Oil Continues to Consolidate

WTI Crude Oil Weekly Technical Analysis

You can see that the West Texas Intermediate crude oil market has had a positive week, although not without volatility. It appears that the $80 level continues to be a major support level, while the $85 level above continues to be a major resistance level.

We do look more positive than negative, but I think at this point there are a lot of what if scenarios being run. Ultimately, I think this is a situation where traders will come back in and try to pick up value whenever it shows up. That being said, I also recognize that this is a market that is very sensitive to geopolitical issues and let’s be honest, we can certainly have those coming out of the Middle East as long as we stay above the $80 level. I believe that the West Texas Intermediate crude oil market is going to continue to be bullish.

Brent Crude Oil Weekly Technical Analysis

The Brent market looks very much the same with $84.50 underneath being significant support. The $90 level above is significant resistance. And at this point in time, we continue to see a lot of volatility. But I do think that we are going back and forth trying to sort out where to go next.

I do think that the cyclical this time of year typically favors a move to the upside, as driving season certainly brings up demand. If we can clear the $90 level, then more likely than not, we will go looking towards the $95 level in the Brant market and perhaps even beyond. Regardless, I don’t have any interest in shorting the crude oil markets at the moment.

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