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Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Find Buyers on Dips

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WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market initially dipped during the week but found buyers underneath the turn things around. By doing so, the market is likely to continue finding plenty of pressure being built, in an attempt to break out to the upside. It is worth noting that we have been in a significant channel, and it does suggest that we are going to continue going to the upside. The $115 level above is slight resistance, and if we can break above there then it is likely that this market will go looking to the $120 level.

Underneath, the $100 level is a major support level, and therefore I think as long as we stay above there you have to think about this to the upside. However, if we were to break down below the $100 level, then it could open up a floodgate of selling.

Crude Oil Prices Forecast Video 23.05.22

Brent Crude Oil Weekly Technical Analysis

Brent markets have been fighting back and forth in a symmetrical triangle, and now it looks like we are ready to go higher. All things being equal, a short-term pullback should continue to be buying opportunities, with a potential breakout in mind. All things being equal, if the market was to break above the top of the candlestick for the week, then the $120 level could be targeted. If we can break above the $120 level, then the market should go much higher, perhaps reaching the $130 level.

If we break down below the $100 level, that would open up the trapdoor of selling in this market as well, but quite frankly oil looks as if it still has plenty of interest, and therefore I am not interested in shorting.

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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