Crude Oil Weekly Price Forecast – Crude Oil Continue Bullish Run

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

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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