Crude oil markets have a good week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back a bit during the trading week, but found enough support below to turn around and take off higher. In doing so, the market has rallied quite nicely, and this suggests that oil may not be ready to crash after all. We broke above a long neutral candle for the previous week, suggesting buyers have stepped in to regain pressure. At this point, it looks like crude might be heading towards the $115 level. Below it, it looks like the $93.50 level is offering strong support.

Crude Oil Price Forecast Video 18.04.22

Brent Crude Oil Weekly Technical Analysis

Brent markets also showed some support, breaking above the $111 level at the end of the week. At this point, it looks like we are going to be threatening the highs again, as we have a complete reversal on our hands. It started to look like we were going to break down, but saved the market on the crucial uptrend line. All things being equal, this is a market that seems to be trying to reach the $120 level.

The short-term pullback should continue to be buying opportunities as long as we can stay above the $100 level, and so it’s likely that the trend has finally bailed out. In this case, the market is likely to see buyers re-entering this market and therefore I have no interest in selling unless we break below the $95 level. If we were to fall below this level, it is likely that we could surge towards the $90 level.

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