Crude Oil Markets Still Look Bullish for the Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied rather significantly during the course of the week to break above the $115 level. At this point, the market is likely to continue to see a lot of buying pressure on dips, but ultimately this is a market that has to go higher based upon the supply and demand issue. Ultimately, the overall lack of production for an entire year continues to plague the markets, and therefore higher pricing is almost guaranteed. At this point, the $100 level looks to be the “floor in the markets.”

Crude Oil Markets Weekly Technical Analysis Video 28.03.22

Brent Weekly Technical Analysis

Brent also has seen a lot of buying on dips, but unlike the WTI, it is closing above the body of the breakdown candlestick from a couple of weeks ago. Because of this, we are more likely than not going to see the Brent market lead the WTI market, but that has been the case all year. At this point, it is very likely that oil is going to eventually break out to a fresh, new high, but it is going to take quite a bit of effort and momentum to make that happen as it had been such a parabolic move. That being said, we are in a situation where oil is going to be a very violent and bullish market.

I have Apsley no interest in trying to short this market, it is far too strong and will almost certainly remain so. The best thing that you can do is simply follow right along with the overall massive uptrend that we are currently in.

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

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