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Crude Oil Weekly Price Forecast – Crude Oil Gives up Early Gains for the Week

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·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially rallied during the course of the week but found the $85 level to be a bit too much to overcome. Because of this, we ended up forming a bit of a shooting star, which of course is a negative candlestick itself. The $85 level course has offered significant resistance over the last three weeks, and it looks like a pullback is coming. The $80 level underneath would be supportive, but if we break down below there then I will go looking towards the $75 level. Oil has been extraordinarily bullish as of late, so a little bit of a pullback certainly makes a bit of sense.

WTI Oil Video 15.11.21

Brent

Brent markets have initially rallied as well, but just as we had seen in the WTI grade of crude, the $85 level has caused a bit of selling pressure. Nonetheless, we are still very bullish despite the fact that we had formed a shooting star for the week. After all, the previous week formed a massive hammer, so at this point we are still in the midst of forming a bit of a bullish flag. At this point, if we can break above the $85 level on a daily close, then I think the weekly chart will continue to push to the upside, perhaps sending Brent looking towards the $100 level. After all, most of the pundits believe that the market is going to get there, so I think that given enough time we will in fact try to make that move. One of the headwinds for the week was a strengthening US dollar, but ultimately that probably gets out of the way.

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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