WTI Crude Oil Weekly Technical Analysis

The crude oil market has rallied pretty significantly during the course of the week as we have reached the $71.50 level. This is an area that I think will continue to offer a bit of a barrier and if we can break above there, it’s likely that the market could really take off to the upside, perhaps reaching the $75 level.

Short term pullbacks continue to offer buying opportunities as far as I can see, and the $67.50 level is a situation where we would have a lot of value hunters coming into the market. When you look at the last two years, we are basically showing a bit of a floor in this market that we respect.

Brent Crude Oil Weekly Technical Analysis

Brent markets have rallied a bit during the course of the trading week to break above the $72.50 level and now looks as if we are going to go looking to the 200 week EMA somewhere closer to the $81 level. If we can break above there then we could go looking to the $90 level. Underneath we have a lot of support near this area, which could offer a bit of support.

And breaking down below the bottom of the hammer from the previous week would actually be a very negative turn of events. With that being said, this is a market that is still very sideways. Because of this, I think a lot of people will continue to look at it as a “buy on the dips” situation in the short-term.

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