Crude Oil Weekly Price Forecast – Crude Oil Gives up Early Gains for the Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially rallied during the course of the week but found the $85 level to be a bit too much to overcome. Because of this, we ended up forming a bit of a shooting star, which of course is a negative candlestick itself. The $85 level course has offered significant resistance over the last three weeks, and it looks like a pullback is coming. The $80 level underneath would be supportive, but if we break down below there then I will go looking towards the $75 level. Oil has been extraordinarily bullish as of late, so a little bit of a pullback certainly makes a bit of sense.

WTI Oil Video 15.11.21

Brent

Brent markets have initially rallied as well, but just as we had seen in the WTI grade of crude, the $85 level has caused a bit of selling pressure. Nonetheless, we are still very bullish despite the fact that we had formed a shooting star for the week. After all, the previous week formed a massive hammer, so at this point we are still in the midst of forming a bit of a bullish flag. At this point, if we can break above the $85 level on a daily close, then I think the weekly chart will continue to push to the upside, perhaps sending Brent looking towards the $100 level. After all, most of the pundits believe that the market is going to get there, so I think that given enough time we will in fact try to make that move. One of the headwinds for the week was a strengthening US dollar, but ultimately that probably gets out of the way.

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