Crude Oil Weekly Price Forecast – Crude Oil Markets Form Support of Candlestick

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen during most of the week, but we have seen a bit of resiliency as we go back and forth and try to decide where we are going next. After all, there are a lot of concerns about demand, which will be worked against if the lockdowns in the European Union continue. However, on the other side it is obvious that the blockage of the Suez Canal by a wrecked tanker has put more bullish pressure back into the market. Whether or not it is long-lasting is a completely different question, but if we break above the top of the hammer, then it should send this market looking towards the highs. On the other, if we break down below the lows of the week, then it is likely that we will sell off.

WTI Oil Video 29.03.21

Brent

Brent markets fell significantly during the course of the week as well, reaching towards the $60 level. The $60 level of course is a large, round, psychologically significant figure. This will attract a lot of attention, and it is ultimately a sign that a lot of traders still believe in the upside. At this point, if we break above the top of the candlestick that we are likely to go looking towards the $70 level. The $70 level course is important, but it is worth paying attention to the fact that we desperately needed some type of pullback. We have had it, so now the question is whether or not we can break out to the upside?

For a look at all of today’s economic events, check out our economic calendar.