Crude Weekly Price Outlook – Crude Oil Continues to See Sideways Action For The Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market has pulled back just a bit during the week as we are continuing to bounce around between the $65 level underneath and the $72.50 level above. As we are essentially in the middle of the market range, I think you remain very soft and just back and forth. I don’t think there’s any real conviction in this market.

Therefore, longer term traders are going to struggle, but it is worth noting that the $65 level has offered support going all the way back to May of 2022. So, I think that’s the most important level for longer term traders to pay attention to, but they should also recognize that breaking out is a bit of a problem here.

Brent Crude Oil Weekly Technical Analysis

Brent markets look very much the same with the massive support in the Brent market being at the $70 level. If we can bounce from there, then I think you’ve got a situation where traders are going to continue to see this as a bit of a floor and then go looking to the $76 level and then eventually the $80 level which I think is the actual ceiling.

Again, I think you have a market that doesn’t really want to go anywhere and therefore a lot of traders will continue to look at this through the prism of just like a tennis match going from one side to the other as the market seems to be in fairly decent balance.

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