Crude Oil Weekly Price Forecast – Crude Oil Continues to Look Bullish

WTI Crude Oil Weekly Technical Analysis

The WTI crude oil market rallied rather significantly during the course of the week as it looks like we continue to see a case being made for an eventual breakout with the $80 level firmly in trader sites. The $80 level of course is a large round figure and a lot of thinking about if we can break above the $80 level, then I think you have a situation where you have a lot of FOMO trading, people start chasing, and then the next thing you know, we find ourselves going all the way to $95. Whether or not that happens quickly, we’ll have to wait and see, but it certainly looks like oil is trying to do everything it can to break out, so I like buying dips.

Brent Crude Oil Weekly Technical Analysis

Brent, very much similar trading at the moment, the $84.50 level I believe ends up being a major resistance barrier that once broken could free a lot of chasing. And at that point in time, we could really start to see a lot of momentum enter the fray. With that being the case, then it opens up the $95 level.

I think this is a market that’s very similar to WTI in the sense that people are just looking for a reason to get long and if and when they do break out, I think there will be a lot of short covering as well. There’s a lot of supply concerns out there at the moment. And then of course, geopolitics favor higher, and more fear based pricing as well. I like oil. I like buying dips.

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