Crude Oil Weekly Price Forecast – Crude Oil Markets Pressing Up Against Major Trendline

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be resilient as we had initially pulled back but now are turning around to show signs of life again. With that being the case, it is likely that we could see an attempt to break out rather soon. If we can get above this downtrend line, then the market is likely to go looking towards the $74 level. However, if we turn around a break down below the $76.50 level, we probably need to correct towards the 50 week EMA and the $60 region. Either way, pay close attention to the US dollar, because it also has a certain amount of effect on this market as well.

WTI Oil Video 13.09.21

Brent

Brent markets of course look very similar as we had pulled back initially but then turned around to show signs of life again. By doing so, the market suggests that we are going to see a lot of noisy trading, and perhaps an eventual breakout. That being said, I do not necessarily see this as easy, and I do think that it is probably only a matter of time before something has to happen. If we can break above the downtrend line and, then I believe that this is a market more than likely going towards the $75 level, followed by the $80 level. As far as selling is concerned, if we break down below the $70 level, we may retest the lows again near the $65 handle.

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