Crude Oil Weekly Price Forecast – Crude Oil Markets Looking to Fill Gap AboveCrude oil markets have had another positive week, showing a significant amount of support near the $35 level.
WTI Crude Oil
The West Texas Intermediate Crude Oil market initially fell during the week but found enough support at the $35 level to turn things around and start rallying yet again. Quite frankly, this is a market that looks likely to go and fill the gap above at the $41 level. Whether we can break above there are not is a completely different story, and I suspect that the resistance there will probably absorb a lot of the momentum. If we do break above the 50 week EMA, that opens up the possibility of a move to $49, but until something changes quite drastically, I do not think we are going to be able to do that very easily.
WTI Oil Video 22.06.20
As you would expect, Brent markets find themselves in the same scenario but have a little further to go in order to fill the gap. If I were going to place a trade in one of these markets to the upside, it would certainly be Brent over the WTI market, not that I have any fundamental reason to prefer one over the other, just that we have more room to run. The $40 level is somewhat psychologically supportive, but I think the real support is closer to the $37.50 level. Once we get to the $45 level it is likely that we will see quite a bit of resistance, just as we will at the $41 level in the WTI market. Gap gets filled, and I think that is about what we are ready to see in the next week or two.
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