Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Reach Higher

Christopher Lewis
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WTI Crude Oil Weekly Technical Analysis

The West Texas Crude Oil market has gone back and forth during the week, showing signs of hesitation around the $120 level. By doing so, it suggests that we may get a little bit of a pullback. That’s interesting to me because a lot of commodities look like they’re ready to pull back. Do not get me wrong, I don’t believe the crude oil has peaked, just that it’s gotten a little stretched.

Traders will be looking for value on pullbacks to take advantage of, regardless of the time frame they use. The $115 level would be especially interesting to me, but if we broke above the top of the weekly candlestick, I would have to assume that we are going to go chasing the $130 level.

Crude Oil Prices Forecast Video 13.06.22

Brent Crude Oil Weekly Technical Analysis

Brent markets have also been very noisy and choppy. We are looking at a market that is trying to figure out where to go next, and I think more likely than not, we will need to see some type of pullback in order to build up the necessary pressure to go higher. On the other hand, if the market does break above the top of this candlestick, then it’s likely that we will challenge the highs that we made a couple of months ago.

Pullbacks could extend all the way down to the $110 level and find buyers, so it’s not until we break down below there that I would be somewhat concerned. With that being said, I recognize that there is a lot of noisy behavior overall, and therefore I think you will probably have to ride through quite a bit of volatility, but the upside is most certainly being threatened.

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This article was originally posted on FX Empire

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