Crude Weekly Price Forecast – Crude Oil Has a Noisy Week

WTI Crude Oil Weekly Technical Analysis

The West Texas crude oil market has gone back and forth during the trading week as we continue to dance around the $75 level. The $75 level, of course, is a large, round, psychologically significant figure and an area that it seems you would anticipate having quite a bit of options barriers. So, with that, it does make a certain amount of sense that we revisit this area. The candlestick looks slightly positive, but I wouldn’t put too much into it. I think we very well could see a little bit of a pullback.

But at the end of the day, we are still very much in the same consolidation area we have been in for about two years now, so I don’t know that anything has truly changed. In the Brent market, it looks like the $80 level will be an area that people pay close attention to, as it is a large, round number being, of course, one of the reasons, but also just the simple fact that it is basically in the middle of the larger consolidation range from the last two years.

Brent Crude Oil Weekly Technical Analysis

So again, the Brent market is very much like the WTI crude oil market. It is essentially testing the middle of the range for the last couple of years, and now we’ll have to determine whether we can truly just break out to the upside or do we need to pull back. I think at this point in time, you probably see a little bit of hesitation.

That doesn’t necessarily mean that you need to get short of the market, just that I don’t think we’re just going to rip to the upside. This, of course, assumes that we don’t get some type of headline out of the Middle East that changes everything.

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