Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Shoot Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken higher again during the course of the week to reach towards the $74 level. That being said, the market is likely to see plenty of buyers on dips, with the $67.50 level being my projected “floor the market” currently as it is the top of the ascending triangle. Furthermore, the $70 level of course is an area that would attract a certain amount of attention as well. Because of this, the market continues to look very bullish, and therefore I have no interest whatsoever in trying to short this market as demand should be picking up throughout the year.

WTI Oil Video 28.06.21

Brent

Brent markets have rallied significantly during the course of the trading week, as we have broken above the $76 level. At this point time, the market is likely to see a bit of a “floor in the market” closer to the $70 level, which was the top of the ascending triangle that we have formed. At this point, the market looks as if it is going to go looking towards the $80 level based upon the “measured move” that the triangle gives.

Furthermore, we have seen a “golden cross” on the weekly timeframe, and therefore I think at this point in time we are going to continue to see buyers on dips, as there should be a significant amount of demand due to the fact that the economies are reopening and therefore it is likely that the price of crude will continue to go much higher as inflation and transportation takes off.

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