Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Pressure the Upside

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the week to test the top of an uptrend channel that we have been in for a while. At this point, it looks like WTI is ready to make a move higher, and once we break above the $115 level, it’s very likely that we will see crude continue to power higher and go looking to reach the $120 level.

Pullbacks at this point should be thought of as potential value play, as the market has plenty of interest, and of course momentum. In fact, it’s not until we break down below the $100 level that I would be concerned.

Crude Oil Prices Forecast Video 30.05.22

Brent Crude Oil Weekly Technical Analysis

Brent markets have also rallied during the week to threaten the $115 level. Breaking above that level, perhaps even the $116 level offers the possibility of the market going toward the $120 level, and beyond. Ultimately, this is a market that I think will find plenty of buyers on every dip, as it has been so bullish and of course, the entire world looks at the market in the same way right now, that it is almost certainly going to go higher over the course of summer as demand will start to pick up. Furthermore, China is possibly reopening again, and that will drive demand through the roof.

If we were to turn around and break below the $100 level, then I might be willing to short this market, but we are so far away from that right now that it’s not really a threat or a thought.

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