Crude Oil Markets Continue to Tighten

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market fell during the week, to reach down to the $102 level. At this point, the market is likely to continue to see a lot of choppy volatility, because we have gone back and forth over the last several weeks. In other words, the market is trying to figure out where it is going next, as we are building up inertia as the market compresses. It looks as if there is a significant amount of support underneath at the $100 level, and therefore I would pay close attention to that area. If we turn around a break above the $105 level, that is a good sign that we could go higher, perhaps reaching the $120 level.

Crude Oil Prices Forecast Video 25.04.22

Brent Crude Oil Weekly Technical Analysis

Brent markets initially rallied during the trading week, but then broke down to the $105 level. Underneath there, I see a lot of support at the $100 level as well, so I do think that it is probably only a matter of time before we find buyers on that dip. If we break down below the $100 level, then I believe that Brent will not only fall, but it could change the overall trend. It is a little early to call for that, but it is something that we need to keep in the back of our minds.

You may have to look at shorter-term charts to pick out a bounce because we certainly are getting relatively close to an area that could see a certain amount of buying pressure. At this point, we are still technically in an uptrend.

For a look at all of today’s economic events, check out our economic calendar.