WTI Crude Oil

The WTI Crude Oil market exploded to the upside during the trading this week, especially on Friday as we have broken above the top of the shooting star candle from the previous week, breaking above $68 level during that session as well. I think that the market should continue to go higher, perhaps reaching towards the $72 level after that. The uptrend line underneath should continue to offer plenty of support, and the very bullish looking candle suggests that perhaps the WTI market is ready to continue to climb at this point. I recognize that $72 will be rather resistive, but eventually I think that it will give way based upon the candle from this past week.

Brent

Brent markets rallied significantly during the trading this week, slicing through the $75 level. Now that we have cleared that level and pulled back, it shows just how difficult it is going to be for Brent to continue to go higher, but right now I think at this point it should be pulled right along with the WTI market, but certainly will lag the WTI market as far as momentum. If we break down below the uptrend line, that’s obviously very negative and could send this market down to the $70 level to look for support. I also recognize that if we do break to the upside, the $77.50 level above is resistance, followed by the $80 level after that. However, I think that a lot of this will come down to what is going on with the US dollar, which was softening towards the end of the week.

WTI Video 25.06.18