Crude Weekly Price Forecast – Crude Oil Continues to Look Strong

WTI Crude Oil Weekly Technical Analysis

We were closed on Friday, but crude oil still looks very bullish, and we are closing towards the highs of the year at the end of the week, opening up the possibility of a move to the $85 level in the West Texas intermediate grade. All things being equal, if crude oil pulls back, you have to be a buyer because it is so strong. It does make a certain amount of sense. We have formed a massive rounding pattern that shows basing going on. And of course, you have to pay attention to the fact that this time of year is typically bullish for oil. We also have a lot of geopolitical concerns and supply is tightening. So, I like the idea of buying dips in West Texas Intermediate.

Brent Crude Oil Weekly Technical Analysis

In the Brent market is very much the same. The $84.50 level seems to be support on shorter term charts. And we are getting ready to break the shooting star from the previous week. If we do, that opens up a move to the $90 level. Brent has been very choppy but with an upward trajectory all year and therefore, I don’t think you want to fight this again, it’s the same reason in Brent to go higher than it is over in the WTI market. Brent might be a little bit more sensitive though, because it does tend to be a little bit more Euro or Asia centric and therefore it is a market that unlike WTI will pay even more attention to various conflicts and of course things like India not Importing Russian oil anymore might have more of a knock-on effect in Europe. Again travel season picks up this time of year so oil tends to rise regardless. With this, I like buying Brent on dips as well.

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