Crude Oil Weekly Price Forecast – Crude Oil Continue Bullish RunThe crude oil markets have rallied significantly during the course of the week, breaking out to the upside.
WTI Crude Oil
The West Texas Intermediate Crude Oil market shot higher during the course of the week, reaching towards the $60 level. We closed towards the top of the range in general, and therefore it is likely that we continue to see the bullish pressure continue to be a major feature of this market. If we can break above the $60 level, then it opens up a move towards the $65 level. We are getting a bit overdone, but quite frankly you cannot be a seller of this market quite yet, although I do think that sooner or later, we are going to run into massive amounts of problems, but clearly not now. I anticipate that short-term buying on the dips continues.
WTI Oil Video 15.02.21
Brent markets broke above the $60 level during the course of the week, and now look as if they are ready to go looking towards the $65 level as we have pierced the $62.50 level. All things been equal, I think the buyers will come back into this market to look for short-term buying opportunities, perhaps extending all the way down to the $55 level. In this general vicinity, I think that the 200 week EMA also offers massive support. Brent is more likely than not to go looking towards the $70 level above, which of course is a large, round, psychologically significant figure, and where we had sold off so drastically in January of last year. Having said all of this, it continues to be a “buy on the dips” type of market, and that is how you are going to have to play it in the near term.
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