Crude Oil Price Forecast – Crude Oil Continues to See Buyers

WTI Crude Oil Technical Analysis

Crude oil continues to look bullish in sluggish early trading. The crude oil market has pulled back just a bit from the highs on Monday, but it does look to me very much like a market that has buyers underneath willing to pick it up. Ultimately, the West Texas Intermediate market looks as if it has a massive floor in it at the $80 level.

And of course, we’ve recently had the so-called Golden cross occur. At this point, we did peak slightly above the recent highs, only to pull back a bit, but now we’re starting to see buyers come back in. I do think that eventually, once we break out, we will eventually go looking to the $85 level above, which was not only previous resistance, but it’s also a large, round, psychologically important figure.

Brent Crude Oil Technical Analysis

Looking at the Brent market, you can see very much the same behavior. We initially broke higher during the trading session, only to turn around and pull back down. We’ve seen buyers come in since then, so it certainly looks like it’s going to continue to be choppy, but it’s going to be a buy on the dip type of market.

Eventually, the Brent market does go looking to the $90 level, but it’s going to take some time to get there. The cycle yearly is that typically this time of year, oil demand picks up due to travel. And that, of course, is what we have seen. We also have geopolitical concerns that could come into the picture. And of course, you have to worry about whether or not supply will keep up with that demand, which supply is slipping a bit. So that is something to keep in the back of your mind.

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