WTI Crude Oil Weekly Technical Analysis
The WTI crude oil market fell significantly during the week, losing nine dollars a barrel. At this point, the market appears to be testing the crucial $110 level and a drop below could open up the possibility of a move towards the $100 level. The $100 level is an important area of interest, and I think there should be plenty of buyers. With that in mind, I think there remains a “buy on dips” type market that many people will pay close attention to.
Crude Oil Price 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 which is right around the $110 level so I think at this point I would not be a seller of this market, I would rather wait for stabilization before getting involved in reverse. On the other hand, if we break above the highs of the week, it is more likely than not that we will look for the $130 level above. I can above that open new buying opportunities since the market will most likely 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 break down, it will also cause bearish pressure in that market, causing Brent to drop to the $100 level which would be the next level of major support.
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