Crude Oil Weekly Price Forecast – Crude Oil Markets Pulled Back for the Week

Christopher Lewis
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WTI Crude Oil Weekly Technical Analysis

The WTI Crude Oil market has fallen significantly during the week, losing nine dollars a barrel. At this point, the market does look as if it is testing the crucial $110 level and breaking down below there could open up the possibility of a move down to the $100 level. The $100 level is a significant area of interest, and I think that there should be plenty of buyers. With this in mind, I think it still remains a “buy on the dips” type of market that a lot of people will be paying close attention to.

Crude Oil Prices Forecast Video 20.06.22

Brent Crude Oil Weekly Technical Analysis

Brent markets also had a relatively negative candlestick print for the week, as we are just below the $115 level. This is a market that I think will pay close attention to this uptrend line that sits right around the $110 level, so I think at this juncture, I would not be a seller of this market, rather I would wait for stabilization before I got involved to the upside. On the other hand, if we break above the highs of the week, then it’s more likely than not that we are going to go looking to the $130 level above. I can above that opens up fresh buying opportunity since the market will more likely than not gain another $5.00 a barrel, if not more.

If we break through the uptrend line, pay close attention to the WTI market, because if it starts to fall apart, that will also bring in bearish pressure into this market, slamming Brent into the $100 level which would be the next major support level.

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This article was originally posted on FX Empire

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