Crude Oil Weekly Price Forecast – Crude Oil Continues to Reach Higher Levels

WTI Crude Oil

the West Texas Intermediate Crude Oil market initially pulled back a bit during the course of the week but has found enough bullish pressure to continue the move higher. Now that we have broken out of the ascending triangle, the measured move suggests that we are going to go looking towards $77.50. With that in mind, I think there is no reason to short this market and it is only a matter of time before buyers would come in to pick up a bit of value. Because of this, I think that it is a bit of a “one-way bet” as the overall attitude of the market is that demand should pick up as economies around the world awaken. With this in mind, I like the idea of buying pullbacks but recognize we may not get much of an opportunity for value.

WTI Oil Video 14.06.21

Brent

The Brent Crude Oil market has shown strength again after initially pulling back during the course of the week, with the $70 level now offering a bit of a floor. The $70 level was the top of an ascending triangle which should now be thought of as support anyway, and based upon the measured move of the triangle, it is very likely that we go looking towards the $80 level. All things been equal, this is a market that probably shows plenty of promise based upon the idea of the reopening trade and of course the idea of the psychologically important $70 level coming into play. As the economies around the world continue to reopen, demand for crude oil should continue being increase.

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