Crude Oil continues to show strength during the week
WTI Crude Oil
The WTI Crude Oil market went back and forth during the week, forming a bit of a neutral candle. I believe that the market should continue to respect the uptrend line underneath, so we could get a bit of a pullback. However, I also recognize that the $70 level above is a barrier that could be a bit difficult, but if we get above there, the market should be free to go much higher. For what it’s worth, the Brent markets have also tested the $75 level, and closed near it as it shows signs of massive bullishness. I think if we can break above the $75 level in Brent, it should send this market well above the $70 level. It is perhaps the Brent market that leads the WTI market currently.
Brent
Brent markets initially pulled back but then shot towards the $75 level. If we can break above that, I think that not only Brent markets, but also WTI markets much higher. The $70 level underneath is massive support, as well as the uptrend line. If we break above the $75 level, I think we then go to the $77.50 level after that. I believe in buying dips as they offer value, but obviously we would need to see some type of bounce or supportive candle to take advantage of them. Currently, it looks like the bullish pressure is enormous.
WTI Video 30.04.18
This article was originally posted on FX Empire
