Crude Oil Weekly Price Forecast – Crude Oil Market Continues to Show Strength

Christopher Lewis
2 min read
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WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crew Oil market has initially fallen during the trading week but found buyers to turn things around and show signs of life. By doing so, this suggests that we are going to see a bigger move, and I think at this point it’s only a matter of time before we get to the highs again. If we break down below the bottom of the candlestick for the week, that would be negative, but not enough to get me short in this market. After all, there is a lot out there being made of the fact that China is reopening, and that will cause a lot of demand to reenter this market.

Crude Oil Prices Forecast Video 06.06.22

Brent Crude Oil Weekly Technical Analysis

Brent markets also initially pulled back during the week but found enough buyers to push the market toward the $120 level. By doing so, it’s probably only a matter of time before we break above the resistance barrier. If we can break above that resistance barrier, it’s likely that the oil market then goes looking to the $130 level. Short-term pullbacks will be thought of as buying opportunities, as they have been all along.

Looking at this chart, it’s very likely that there may be noise, but that noise should be thought of as an opportunity because the market has so much further to go based on supply and demand. Furthermore, we also have to pay close attention to the meeting between Joe Biden and Saudi Arabia, because that could be seen as an attempt to increase production. In general, this is a market that has much further to go, and you should look at it through that prism.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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