The WTI Crude Oil market initially pulled back during the week but found enough support at the trendline that you see on the chart to turn things around and rallied again. We reached as high as $65 but found the area to be a bit resistive. I believe the resistance extends to the $66.66 level, the most recent high. If we can break above there, then I think the market is open to going to $70 after that. It appears that the bullish traders continue to jump into the market on these pullbacks for opportunities, and until we break down below the uptrend line, it’s difficult to fight that trend.
Brent
Brent markets also pulled back initially during the trading week, testing the $65 level. The market then exploded to the upside, testing the $70 level. As you can see on the chart, I have an uptrend line that was previous support, and it should end up being resistance. Beyond that, the $65 level underneath looks to be massively supportive, but until we break above the $70 level, I think that we are essentially going to be range bound in general. If we do break above the $70 level, then I think that the market is free to go much higher. Ultimately, I think that shorter-term trading will probably be easier, but if that $70 level gets broken to the upside, then I think the market can go much higher and more of a “buy-and-hold” scenario.
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