Crude Weekly Price Forecast – Crude Oil Continues to Recover

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market initially pulled back during the week to reach towards the $65 level, only to turn around and rally rather significantly. At this point in time, the market is likely to continue to see the $75 level offer a little bit of resistance.

If we can break above there, then the market could go looking to the $80 level. Short-term pullbacks offer value that I think a lot of people would be taking advantage of. And really, I think at this point, not much has changed. And let’s be honest here, there are plenty of plenty of concerns around the world geopolitically to keep the oil market hot.

Brent Crude Oil Weekly Technical Analysis

The Brent market did very much the same with the $70 level offering support and I do believe ultimately, we’ve got a situation where the market goes looking to the 200-week EMA to break above it. $90 could be your target here in Brent if we do get momentum. And with the signs of the candlestick for the week, that typically does suggest that there will be a bit of follow through.

Quite frankly, this is not a market that I think really is willing to leave the consolidation area it’s been in. And quite frankly, it probably shouldn’t. It seems like oil is balanced pretty well between $70 on the bottom in the Brent grade and $90 on the top. We’re just simply bouncing from what had been an oversold condition for most of the year.

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