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Crude Oil Weekly Price Forecast – Crude Oil Continues to Pressure Resistance Barrier
Published: Mar 15, 2024, 16:10 GMT+00:00
Another week has come and gone, and it looks like crude oil markets are intent on pressuring the major resistance barrier that they have been dealing with for some time.
In this article:
WTI Crude Oil Weekly Technical Analysis
The WTI crude oil market has rallied significantly to breach the $80 level this past week in a sign of strength. If we can continue this upward momentum, and I believe that we do, it’s very likely that WTI will eventually find its way as high as $95 sometime this year. That being said, it’s going to take a long time to get there but it is something that is very possible due to the cyclicality if for no other reason than that.
There is a lot of noise, so you have to keep in mind that a lot of patients will have to be exercised in order to realize profits. Nonetheless, this is a market that has a lot of things working for it, not the least of which are going to be geopolitical concerns, lack of supply, and of course, central banks around the world loosening monetary policy, thereby driving up energy demand, at least in theory.
Brent Crude Oil Weekly Technical Analysis
Brent looks very much the same, testing this $84.50 region. It’s a little noisy in this general vicinity, but if we were to break above here, then I believe that Brent could also go to $95 later this year. It would make a certain amount of sense. And right now, when you look at both weekly charts, you can even make an argument for a little bit of a double bottom. So, with all that being said, I like the idea of buying pullbacks, but I would be cautious about jumping in with huge amounts of money as oil is typically volatile.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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