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Crude Oil Weekly Price Forecast – crude markets scream higher during the week

Crude oil markets have had a very strong week, bouncing from crucial of trendlines on the weekly chart, showing that the uptrend isn’t over. At this point, it looks as if the value hunters have stepped in and pushed as hard as they can.
Christopher Lewis
Crude Oil weekly chart, August 27, 2018

WTI Crude Oil

The WTI Crude Oil market got as low as $65 during the week, but then rallied rather significantly. In fact, we are closing four dollars higher than we started, which of course is a very positive sign. Being able to hold the trend line was crucial, and beyond that we are closing towards the top of the overall range. At this point, I think pullbacks will continue to be thought of as buying opportunities, and people will look for value when they can find it. At this point I also believe that the $71 level above offers a bit of resistance but clearing that will open the door to the $75 handle. Pay attention to the US dollar it has its influence, but now we are starting to see the greenback give back some of its gains.

Brent

Brent markets also rallied rather significantly, reaching towards the $76 level. The market has cleared significant resistance in the form of the $75 handle, and I think is now set to go looking towards $79. A pull back at this point should be thought of as value, as the uptrend line has held its own, and shown the market that the buyers are still very much involved and willing to put money to work. That being the case, I like the idea of buying dips and I believe that $80 will eventually be tested. A break above that level should send this market even higher.

WTI Video 27.08.18

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