WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil market has gotten absolutely crushed to kick off the trading week but then turned around to show signs of life. By doing so, the market has shown just how supportive it is, and if we can continue to break above the top of the triangle, then it is likely that we could go to the $120 level. Short-term pullbacks look like they are going to continue to be bought into, and the $100 level looks very much like a support level as well. That being said, if it simply breaks above the top of the downtrend line, then I think more money will come into the picture.
Crude Oil Prices Forecast Video 16.05.22
Brent Crude Oil Weekly Technical Analysis
Brent markets have pulled back during the course of the week as well, testing the $100 level and perhaps more importantly, the uptrend line. The market has turned the whole thing around to show signs of life and now it looks like we are trying to reach the top of the triangle. As we are closing near there, a break above the top of this week’s candlestick could send the market to the $120 level, possibly the $125 level after that.
Alternately, if this market was to break down below the weekly candlestick that we just printed, then it would be negative for both of these grades as Brent would more likely than not attract the whole thing down. If that happens, then you are looking at the $90 level rather quickly. Ultimately, short-term traders will more likely than not continue to buy on dips.
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This article was originally posted on FX Empire