Crude Oil Price Forecast – Crude Oil Markets end Week on High Note

·2 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday, in what would have been a very quiet session. At this point, we have recovered the $70 level, which of course is a good sign, but what is even more impressive is the fact that we ended up forming a hammer on the weekly timeframe also suggests that we are going to see upward pressure, so I think that short-term pullbacks will be buying opportunities. In fact, it is not until we wipe out the Wednesday candlestick at the $65 level that I would be concerned.

Crude Oil Video 26.07.21

Brent

Brent markets have also shown a bit of resiliency as although it has been quiet during the trading session on Friday, it is likely that we are going to continue to see buyers on dips, especially if we pull back towards the 50 day EMA. The 50 day EMA is flattening out, but it is also an area that a lot of people pay close attention to. Underneath there, we have the $70 level which of course would also offer support, right along with the uptrend line that I have marked on the chart. Regardless, Brent looks as if it is ready to continue going higher perhaps after pulling back a bit to find some type of support. The fact that Friday was quiet, and traders will simply be willing to sit at this level going into the weekend is a relatively good sign, but it does not necessarily mean we go straight up in the air.

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This article was originally posted on FX Empire

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