Crude Oil Markets Continue to Threaten the Downtrend Line During the Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen a bit during the trading week but then turned around to threaten the $110 level. If we can break above the top of the candlestick for the week, it is likely that we will continue the overall uptrend. That is my base-case scenario, as I believe the demand for crude oil will continue to pick up. Ultimately, I think short-term pullbacks will offer value the people are willing to take advantage of, and as long as we can stay above the $100 level, I believe that psychology is still relatively strong for this market.

Crude Oil Prices Forecast Video 09.05.22

Brent Crude Oil Weekly Technical Analysis

Brent markets initially pulled back just a bit during the week but then turned around to reach the $112 level. If we can break out above the downtrend line that I have drawn on the chart, the market participants will continue to push this market much higher, perhaps reaching the $120 level. All things being equal, a short-term pullback should continue to offer plenty of buyers, and therefore we can see quite a bit of value given enough time.

As long as the market stays above the $100 level, it is likely that we will continue to find more upward momentum than downward. The $120 level could be a target given enough time, but it does not necessarily mean that it is going to be easy. I think this is more or less going to be a situation where we look for value on shorter-term charts, and to follow the longer-term attitude of this commodity.

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