Crude Oil markets rally during the week in show strength

Updated : Apr 14, 2018, 05:19 UTC•1min read

Oil 100 – Copy

The crude oil markets that we follow here at FX Empire continue to show signs of strength, and it looks as if the uptrend is remaining very much intact. Pullbacks will more than likely offer buying opportunities.

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the week, reaching towards the $68 level as we continue to see buyers jump into this market. The uptrend line remains intact, and that of course is a very bullish and important sign. I believe that buyers will continue to come back into the marketplace, every time there is a bit of value appearing. However, if we broke below the bottom of the uptrend line, that could change things, but we currently look as if we are hell-bent on reaching towards the $70 handle. A break above there could send this market towards the $75 level next.

Know where WTI Crude Oil is headed? Take advantage now with

Your capital is at risk

Brent

Brent markets also rallied significantly during the week, breaking to a fresh, new high, clearing the $72 level. If we pull back from here, it’s likely that the $70 level will offer support, just as the uptrend line will that I have marked on the chart. I believe that Brent is more than likely going to go looking towards the $80 level, an area that is massive in its large, round, psychology, and of course the structural resistance and support from the past. I believe that as long as we can stay above the uptrend line, it’s likely that the buyers will continue to come back into this market and tried to take advantage of value as it appears. If we were to break down below the uptrend line, the market could go to the $65 level, and then possibly the $60 level after that.