Crude Oil Markets Have a Strong Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back a bit during the trading week but found enough support underneath to turn around and take off to the upside. By doing so, the market has recovered quite nicely, and it does suggest that perhaps oil is not ready to break down after all. We broke above a long neutral candle for the previous week, suggesting that the buyers have stepped in to pick up pressure. At this point, it looks as if crude could go looking towards the $115 level. Underneath, it looks as if the $93.50 level is offering significant support.

Crude Oil Prices Forecast Video 18.04.22

Brent Crude Oil Weekly Technical Analysis

Brent markets have also shown quite a bit of support, breaking above the $111 level by the end of the week. At this point, it looks like we are going to threaten the highs again, as we have a complete reversal on our hands. It started to look like we were going to break down but saved the market at the crucial uptrend line. All things being equal, this is a market that looks as if it is going to try to get to the $120 level.

The short-term pullback should continue to be buying opportunities as long as we can stay above the $100 level, and therefore it is likely that the trend has finally saved itself. With that being the case, the market is likely to see buyers reenter this market, and therefore I do not have interest in selling unless we were to break down below the $95 level. If we were to break down below that level, it is likely that we could go rushing towards the $90 level.

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