Crude Oil Price Forecast – Crude Oil Markets Continue to Power Higher

Christopher Lewis
2 min read
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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially dropped to kick off the Tuesday session but turned around and found plenty of buyers to continue the overall uptrend. We continue to threaten a breakout above the $120 level, an area that will more likely than not get breached soon. Once we break above there, then it opens up the possibility of a move to the $130 level over the longer term. Ultimately, I think this is a scenario where you could see a lot of volatility, but eventually, you will see the market shoot straight up in the air. Back to this point should continue to be thought of as buying opportunities in what has been an extraordinarily bullish market.

Crude Oil Prices Forecast Video 08.06.22

Brent Crude Oil Technical Analysis

Brent markets also had pulled back initially on Tuesday but then found buyers willing to jump in and take advantage of the strength of crude oil. Ultimately, this is a market that will eventually go higher, but we may be running out of short-term momentum. Look at any pullback at this point as a potential value play, as there has been so much upward momentum in crude over the last several weeks. If you look at the big picture, you can clearly see that there was a symmetrical triangle that we broke out of, and we are nowhere near fulfilling that target. In fact, that target is closer to the $135 level than anything else. Keep in mind that this is a market that will be thrown around by geopolitical forces, but right now it looks like none of that is correcting itself.

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This article was originally posted on FX Empire

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