Crude Weekly Price Forecast – Crude Oil Continues to Find Buyers Underneath

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market did fall rather significantly during the course of the trading week, but it looks like we’ve had a little bit of a washout. We are now in the midst of trying to recapture the 50% Fibonacci retracement level, and if we can break above there, the $78.50 level is a target that I think could offer a little bit of resistance.

But if we break above there, then it’s likely that the $80 level then gets targeted. Regardless, this is a scenario where a lot of people are going to try to find value here. I think that ultimately, we will, and the market looks as if it is trying to agree with me on this point as well. Given enough time, I think we go higher.

Brent Crude Oil Weekly Technical Analysis

The Brent market looks very similar, maybe a little bit more compact with its price action, but ultimately this is a market that I think given enough time, will do whatever it can to take off to the upside as well.

After all, this is a market that has seen a nice pullback but has held the 61.8% Fibonacci retracement level. So, with this, given enough time, if we can take out the $84.50 level, I do think that Brent rallies rather significantly at that point. Then we have the $90 level underneath. Also, we have the 61.8% Fibonacci retracement level that’s held in both markets, and a lot of technical traders will be paying close attention to it.

It’s worth noting that the summer travel season, of course, puts a lot of demand for petroleum. So, I think that’s going to be an issue as well as geopolitical concerns, which of course are front and center in the Middle East as per usual.

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