Crude Oil Weekly Price Forecast – Crude Oil Markets Break Out

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken out to the upside during the course of the week, breaking the top of the ascending triangle that I have marked on the chart. As we close out the week, we are getting relatively close to $70, an area that of course is a major psychological barrier and an area on the longer-term charts that people will stand up and take notice of. It is because of this that if we can break above the $70 level that I believe the market goes much higher, perhaps looking towards the $75 level. In the short term, I look at the end pullbacks as a potential buying opportunity as it offers oil “on the cheap.”

WTI Oil Video 07.06.21

Brent

Brent markets also did the same thing, breaking out of an ascending triangle that a lot of people have been paying close attention to, especially as the $70 level was the top of it. By breaking above there, the market looks as if it is free to trying to fulfill the overall measured move coming out of the triangle, which suggests that Brent could reach as high as $80. $80 of course would be a large, round, psychologically significant figure and an area where we have seen noise previously.

Ultimately, as long as we can stay above the uptrend line from the ascending triangle, I believe that this market has plenty of support underneath. Furthermore, it is also worth noting that the market is getting ready to see a “on the cross” when it comes to the weekly chart as well, although I do not put too much credence into that.

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