Crude Oil Weekly Price Forecast – Crude Oil Continue to Show Upward Momentum
WTI Crude Oil
The West Texas Intermediate Crude Oil market has initially fallen during the course of the week to retest the downtrend line that we had recently broken out of, and then turned around to show signs of life again. By forming the hammer that we have, it does suggest that we are going to go higher, perhaps reaching towards the $80 level above. If we break down below the bottom of the candlestick, then it is likely that we continue to go lower for the short term. Nonetheless, the crude oil markets see a lot of demand, and most analysts out there believe that we are going to continue going higher.
The fact that we closed at the top of the range suggests that there should be more momentum, but I would look for some type of short-term pullback in order to get long again, as the market would be able to go higher based upon value.
WTI Oil Video 27.09.21
Brent markets have pulled back during the course of the week, only to turn around and show signs of life again. By breaking above the candlestick from the previous week after falling, that shows that we have plenty of bullish momentum. In fact, based upon the December contract, we are at the highs again and it is likely that we go looking towards the $80 level. If we were to turn around a break down below the candlestick from the previous week, then it is likely that the market will have to test the $70 level for support. Breaking down below that could open up a flood of selling.
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