Crude Oil Weekly Price Forecast – Crude Oil Markets Find Support

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the trading week, only to find support at a major uptrend line. That being the case, the market looks as if it is going to continue finding buyers on dips, due to the fact that there is so much demand out there. Yes, we are starting to see a little bit of a slowdown, but at the end of the day, there are plenty of people out there focusing on the fact that the economy is reopening, and perhaps more importantly, we spent two years not exploring or drilling very much. Because of this, there is an underlying demand for crude oil, and it is worth noting that the $100 level has offered significant support. It looks very likely that we will attempt to get back to the $120 level.

Crude Oil Prices Forecast Video for 27.06.22

Brent Crude Oil Technical Analysis

Brent markets also fell during the week, finding a bit of a trendline. By doing so, we turned around to form a nice hammer, and it suggests that Brent will also find buyers going forward, as the market is very much in an uptrend, and it could even be forming some type of ascending triangle. In this scenario, a break above the $125 level could unleash a lot of buying pressure. As with the WTI market, I believe that if Brent can stay above the $100 level, it’s in good shape and should continue to see buyers coming back into the market.

On a breakdown below the $100 level in either grade of crude oil, then I think you start to shift the narrative. It’s not impossible for that to happen, but right now it certainly looks as if there are people willing to support these markets.

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