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Crude Oil Price Forecast – Crude Oil Markets Pullback To In The Week

Christopher Lewis

WTI Crude Oil

The West Texas Intermediate Crude Oil market pulled back slightly during the Friday session, as we continue to see the $60 level offer a bit of resistance. That being said though, the weekly candlestick is a bit of a hammer and it does suggest that there is a lot of bullish pressure underneath. With that being the case, I suspect that if we can break above the $60 level the WTI market is going to go looking towards the next resistance above, at the $62.50 level. Pullbacks at this point should be a buying opportunity, down near the 200 day EMA at the $57 level, and of course the 50 day EMA at the $56 level.

Brent

Brent markets have broken down a little bit on Friday, perhaps in a sign of exhaustion as we are near the 200 day EMA. At this point, it’s likely that the market may need to pullback in order to build up a bit of momentum, but what should be noted is that the weekly candlestick is a hammer, and that of course is a very bullish sign. That doesn’t mean that we break out to the upside right away, because the $65 level of course has offered resistance, but if we can break above there then we will start to chew through the “resistance zone” that extends all the way to the $67.50 level above. I like buying pullbacks, and I believe that in the short term the $60 level should be thought of as a short-term “floor.”

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This article was originally posted on FX Empire

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