Crude Oil Weekly Price Forecast – Crude oil markets have bullish week

WTI Crude Oil

The WTI Crude Oil market has rallied rather significantly during the week, slicing through the $55 level and confirming a couple of hammers on the weekly timeframe. Because of this, I think we are ready to continue to go higher but we may get the occasional pullback in order to pick up value. After all, we have shot straight up in the air and as this is the case, we probably need to take a bit of a break in the momentum to build up even more momentum to go higher. After all, there are a lot of questions to be asked. With the Federal Reserve on the sidelines, and looking to soften its stance, a falling US dollar might also help.

WTI Video 24.06.19

Brent

Brent markets also had a bullish week, as we have broken above the $65 level. At this point, it looks as if it’s going to follow the same path as the WTI market as per usual, and therefore I like the idea of buying short-term pullbacks as they can offer value that you can take advantage of. At this point I believe that the $60 level is probably going to be a massive floor, so at this point I think that as long as we can stay above there the market is very likely to continue to shoot to the upside. At this point, the 61.8% Fibonacci retracement level seems to be offering support as well. With that in mind, let’s be buyers on value.

Please let us know what you think in the comments below