Crude Oil Weekly Price Forecast – Crude Oil Continues to See Upward Pressures

WTI Crude Oil Weekly Technical Analysis

The WTI crude oil market initially surged during the course of the week but gave back quite a bit of the gains after the breakout. Ultimately, it is worth noting that the Friday candlestick looks like it’s going to be somewhat supportive, so I don’t know that this exhaustion candlestick shows anything other than a potential short-term pullback, and I do believe the traders will be paying close attention to it.

The $80 level, of course, has a certain amount of psychology attached to it, and it does make sense that we’ve seen buyers jump in on short-term charts, just as we saw buyers chase the market above the $80 level last week. I think at this point in time, the target is going to be $85, but oil is going to be very volatile.

And that does make a certain amount of sense. After all, there are a lot of geopolitical concerns out there, and I think you’ve got a situation where you have to look at this through the prism of perhaps trying to find value. When you look at the weekly chart, you can see that we have formed a massive double bottom, and now that we are heading into a cyclically strong time of year, I don’t see any reason why this doesn’t mean something bigger.

Brent Crude Oil Weekly Technical Analysis

Brent looks very much the same, initially rallying during the week and then pulling back towards that $84.50 level that I’ve been talking about for a while. Nonetheless, it looks like Friday is a recovery day, so I think Brent has a real shot at going to the $90 level given enough time.

Short-term pull backs continue to be buying opportunities, the 50-week EMA underneath could be support, and Brent has all of the same fundamental drivers that WTI Crude Oil does and on top of that, there’s even more geopolitical concern when it comes to Brent. Ultimately, I do think that we are heading into a very bullish time of year, and we are about to see that play out in the crude oil markets.

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