Crude Oil Weekly Price Forecast – crude oil markets test major resistance barrier

WTI Crude Oil

The WTI Crude Oil market broke out above the $75 handle, which of course is a major figure, so I think that it’s difficult to hang above here for any length of time as we have gotten a bit overbought. However, I do think eventually that we break above that level and hold it but obviously it is going to be very choppy and noisy along the way. The longer-term trader will simply buy and forget about it, but I think that you can probably wait for a pullback to find value.

Brent

Brent markets also rallied during the week, breaking above the $85 level but giving back some of the gains on Friday. The market looks very likely to continue to go higher but we may be just a bit overbought. I think the $80 level underneath should be support though, as it was massive resistance. Because of this, I think value hunters will be looking for this market to show us  the time to start buying again. I think that the market will eventually go looking towards the $90 level above, which has been a target for some people, but quite frankly we are starting to see analysts out there calling for $100 a barrel. I have no interest in shorting this market, we have seen so much in the way of bullish pressure as of late it’s difficult to go against this type of move and with the Iranian sanctions coming, it’s likely to see the supply concerns continue to push higher.

WTI Video 08.10.18