Crude Oil Weekly Price Forecast – Crude Oil Continues Consolidation

WTI Crude Oil

The West Texas Intermediate Crude Oil market went back and forth during the course of the week, forming a somewhat neutral candlestick. However, if you look at the chart, you can see where we are forming a bit of a bullish flag. If we break above the top of the weekly candlestick, at that point I think that we more than likely go looking towards the $70 level. This is not to say that we cannot pull back, just that the most likely outcome is something to that effect. To the downside, near the $57.25 level, we have a lot of support, so if we break down below there it is likely we go looking towards the $52.50 level.

WTI Oil Video 03.05.21

Brent

Brent markets have gone back and forth during the course of the week as well, forming yet another neutral candlestick. At this point, if we break above the top of the candlestick, I think that we go looking towards the $70 level, which has been important more than once. Clearing that would signify that the market is going to go much higher. On the other hand, if we break down below the $60 level it is very likely that we go looking towards the $55 level where we have seen a lot of noise previously. Just as in the WTI Crude Oil market, it almost looks as if the market is forming a bullish flag as well, so keep that in mind. At this point in time, most traders are banking on the reopening trade driving the price of oil much higher. If the US dollar continues to fall, that in and of itself will do it.

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