Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Threaten BreakoutCrude oil markets have rallied a bit during the course of the week but gave back the gains at the end as we continue to see volatility in an upward market.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied a bit during the course of the week to pierce the top of the ascending triangle, but at the end of the week we are struggling to continue going higher. I think will continue to see a lot of choppy behavior, but in more of an upward tilt than anything else. With that being the case, I think it is only a matter of time before we break towards the upside, based mainly upon the idea of more demand down the road. There was a little bit of a pullback, perhaps based upon the jobs report but all things being equal we should continue to find buyers on dips.
WTI Oil Video 10.05.21
Brent markets rallied as well but found the $70 level to be a bit too much to overcome. With that being the case, the market is likely to try to break out to the upside but there is a lot of noise in the short term that will continue to cause some issues. I have no interest in shorting this market, and it is obvious that we have a major uptrend line that the market is paying close attention to. Ultimately, I do think that we will find buyers to reach towards the $70 level, which is a large, round, psychologically significant figure. If we can break above there, then the overall attitude of the market should continue to be bullish. I have no interest in shorting this market anytime soon, because it seems like it just will not rollover.
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