WTI Crude Oil Weekly Technical Analysis
The light sweet crude oil market initially tried to rally a bit during the trading week but found the area above the $60 level to be just a little bit too resistant. With that being the case, the market is looking very much like one that is trying to find a range and, in fact, may already have. The $55 level on the bottom is a major floor, with the $62 level above being a major resistance barrier. I think ultimately, short-term traders will continue to like this market and trade it back and forth. Longer-term traders are probably still waiting for some type of impulsive or, better yet, fundamental move for oil to take off.
Brent Crude Oil Weekly Technical Analysis
The Brent market initially tried to rally, and it did test the $65 level during the week, but it gave back those gains. Ultimately, this is a market that I think continues to see a lot of back-and-forth choppy behavior, much like you see in the light sweet crude oil market. I look here at the $60 level as a bit of a floor.
To the upside, I think somewhere around $65, maybe even $66.50, you have a lot of selling pressure. So ultimately, I think this is a scenario where you find a little bit of a range here as well, with a very hard floor underneath it. Again, I also look at this as a market where short-term back-and-forth type of range-bound trading is probably going to continue to be the way forward.
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