Crude Oil Weekly Price Forecast – Crude Oil Markets Pause

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the week but did settle on a slightly positive candlestick. Ultimately, pullbacks will continue to be looked at as preferable, as we have recently had a breakout. All things being equal, the market is likely to go looking towards the $50 level above, which also features the 200 week EMA and was the scene of a significant break down. Ultimately, this is a market that looks bullish based upon stimulus more than anything else. Pay attention to the US dollar, because if it starts to fall off the cliff again, then it is likely that crude oil will continue to gain simply because those barrels of oil are priced in those dollars.

Brent

Brent markets spent the week trying to break above the $50 level and at the end of the week it looks as if we are simply hovering in this area. I think a short-term pullback as possible over here as well, as we are waiting to see whether or not there is going to be enough stimulus out there to get everybody excited. At this point in time, the market is likely to see pullbacks as buying opportunities and the 50 week EMA underneath at roughly $45.82 should be an opportunity to get long. I have no interest in shorting this market and look at these pullbacks as a potential buying opportunity for the longer term. Ultimately, I think that this is a market that is trying to build up for a move higher, but obviously we will have a lot of noise in the meantime.