Crude Oil continues to show signs of strength over the week

WTI Crude Oil

The WTI Crude Oil market has pulled back a bit during the week, only to turn around and show signs of support and form a hammer. The hammer of course is a bullish sign and I think that the market should continue to go higher, perhaps reaching towards the psychologically important $70 level. If we can break above there, and it looks like we may, then it starts to target the $72.50 level. I believe the pullbacks will continue to find support underneath that the uptrend line and breaking above the top of the ascending triangle is also a good sign. If we break down below the uptrend line, then it’s time to start selling.

Brent

Brent markets also pulled back initially during the week, reaching towards the $70 level. We turned around to form a hammer though, and it looks as if we are ready to continue going higher. There is a nice uptrend line underneath that should continue to push this market to the upside, and I think we will probably go to the $75 level, and then possibly even the $80 level. I think that the market breaking below the uptrend line would of course be a very negative sign, but right now we don’t have that going on, so it looks like buyers continue to see dips as value that they can take advantage of. If we did breakdown below the uptrend line, then we probably go to the $65, and then possibly the $60 level.

WTI Video 23.04.18