Crude Oil Weekly Price Forecast – Crude Oil Markets Break Out

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be very strong, breaking above the $50 level, and then reaching above the 200 week EMA. Ultimately, the market is looking very strong, and I believe at this point time we are likely to go higher over the longer term, and I think that short-term pullbacks will continue to be buying opportunities. At this point in time, the market is likely to see a lot of noise underneath, and then I think we could go looking towards the $55 level.

WTI Oil Video 11.01.21

Brent

Brent markets have also rallied significantly during the course of the week as well, breaking above the $53.25 level which was significant resistance previously, and now it looks like we are likely to continue seeing a move towards the $55 level, possibly even the $60 level. At this point in time, I think that short-term pullbacks will continue to be bought into, and therefore I think it is only a matter of time before we reach towards more resilient areas above.

Do not be wrong, I have a hard time believing that Brent is going to continue to go to the moon, but I think a move towards the $55 level is the initial move, and then I think somewhere around the $60 level things get a little bit overextended. To the downside, I believe that a break down below the $47 level could open up a move down to the $45 level. Reflation tends to be the word I hear more and more, and therefore I think that what we are seeing here.

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