Crude Oil Weekly Price Forecast – Crude Oil Markets Continue Recovery

WTI Crude Oil

The West Texas Crude Oil market has initially fallen during the course of the week, but found the trendline supportive enough to turn things around and form a very bullish candlestick. By the time we closed out the week, we had broken through a significant amount of resistance and it now looks as if oil is ready to continue rallying. At this point, we are very likely to go looking towards $80 eventually, but it may take a while to get there. Keep in mind that next week is going to be thin, so I would not get aggressive, but at this point I think the upside is the only way you should be looking at this chart right now.

WTI Oil Video 27.12.21

Brent

Brent markets of course did the same thing, bouncing off of a trendline and breaking above resistance in the form of $76.50. It now looks as if $80 will be the next target, followed by $85. Omicron variant fears had crude oil markets on their back foot for a while, but it appears that people have stopped trading on that fear, and now they are willing to pick up oil again. With that being the case, it is very obvious that crude oil wants to go back to the highs and then perhaps even higher than that.

To the downside, if we were to break down below the $65 level, that might change things but I just do not see that happening anytime soon. That would be a major turnaround in attitude, something that would need some type of news or headline event crossing the wires to make happen.

For a look at all of today’s economic events, check out our economic calendar.