Crude Oil Weekly Price Forecast – Crude Oil Continues to Look Bullish

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WTI Crude Oil Weekly Technical Analysis

The WTI crude oil market rallied rather significantly during the course of the week as it looks like we continue to see a case being made for an eventual breakout with the $80 level firmly in trader sites. The $80 level of course is a large round figure and a lot of thinking about if we can break above the $80 level, then I think you have a situation where you have a lot of FOMO trading, people start chasing, and then the next thing you know, we find ourselves going all the way to $95. Whether or not that happens quickly, we’ll have to wait and see, but it certainly looks like oil is trying to do everything it can to break out, so I like buying dips.

Brent Crude Oil Weekly Technical Analysis

Brent, very much similar trading at the moment, the $84.50 level I believe ends up being a major resistance barrier that once broken could free a lot of chasing. And at that point in time, we could really start to see a lot of momentum enter the fray. With that being the case, then it opens up the $95 level.

I think this is a market that’s very similar to WTI in the sense that people are just looking for a reason to get long and if and when they do break out, I think there will be a lot of short covering as well. There’s a lot of supply concerns out there at the moment. And then of course, geopolitics favor higher, and more fear based pricing as well. I like oil. I like buying dips.

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This article was originally posted on FX Empire

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