Crude Oil Weekly Price Forecast – Crude oil markets continue to grind higher

WTI Crude Oil

The WTI Crude Oil market initially pulled back during the week but then rallied significantly to break above the $60 handle. We found a bit of resistance there but that would be expected as it was the scene of a gap on the daily charts. That being the case, it’s likely that we are continuing to see a buildup pressure to the upside, which would of course proceed some type of explosive move. If we can break out above the top of the weekly candle, it’s likely that we go to the $65 level. Pullbacks continue to be buying opportunities.

WTI Video 01.04.19

Brent

Brent markets initially fell during the week, but then turned around to show signs of life at the 200 week EMA. By turning around the way we have, it looks as if we are continuing to try to break to the upside, perhaps reaching towards the daily gap at the $70 level. Overall, this is a market that has plenty of support down at the $65 level, so it’s not until we break down below there that I would be a seller of this market for the longer-term move. At that point, we could very easily drop down to the $60 level. Overall though, I think this is a market that continues to show significant volatility but resiliency to the upside as we could see a significant move higher. Looking at this chart, I remain bullish but also cautious as well.

Please let us know what you think in the comments below