The Crude Oil Markets Have Had a Successful Week

Weekly Technical Analysis of WTI Crude Oil

The West Texas Intermediate Crude Oil market originally retreated somewhat throughout the trading week, but found enough support beneath to reverse course and surge upward. Thus, the market has rebounded rather nicely, implying that perhaps oil is not quite ready to collapse after all. We broke over the previous week's lengthy neutral candle, indicating that buyers have moved in to maintain pressure. At this time, crude appears to be heading towards the $115 level. Subsequently, it appears as though the $93.50 level is providing strong support.

Weekly Technical Analysis of Brent Crude Oil

Brent markets have also demonstrated considerable support, breaching over the $111 level at the week's finish. At this time, it appears as though we will threaten the highs once more, as we are on the verge of a complete reversal. It appeared as though we were about to break down, but the market was spared by the critical uptrend line. Generally speaking, this is a market that appears to be attempting to reach the $120 level.

Short-term pullbacks should continue to offer buying chances as long as we maintain a price over $100, and thus it is likely that the trend has fully redeemed itself. With that in mind, the market is likely to see buyers reenter, and as a result, I am not interested in selling till we break below the $95 level. If we break below that level, it is likely that we will head straight for the $90 level.