Before looking at our oil price predictions we need to take a look at the energy sector. We can see that alot of money has been exiting the energy sector recently. But right now on the weekly chart things seem to be bottoming and this is a warning sign that the smart money is about to re-enter back into energy and crude could soon witness another good sized rally and more buying ahead.
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| oil price predictions |
Not only does the energy sectors seem to be bottoming on the weekly chart but take a quick peek at the crude oil chart on the weekly. Crude hit a bottom basing target of the mid 80's a few weeks back, and the weekly chart stochastics has crossed and looks to be in a nice BUY stance right now. So we would not be surprised to see crude rise to at least the 100 level in the coming weeks.
There is also a bullish divergence on the stochastics also, which is giving more relevance to a further rallying and buying in crude coming. We expect the previous resistance level of 98 first, and then higher prices after that.
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| oil price predictions |
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