U.S. Markets closed

Crude Oil Weekly Price Forecast – Crude oil markets find support

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has fallen during most of the week but turned around of form a bit of a hammer. That hammer of course is a bullish sign but quite frankly there is a ton of resistance above and it is very unlikely that this market is simply going to skyrocket to the upside. Don’t get me wrong, holding the $50 level as support is crucial but there’s so much in the way of noise above the markets are going to have a hard time simply rallying from here and going straight up. This market is to choppy for a longer-term trader to be comfortable in, a lease with a sizable position. That being said though, I suspect that any bounce from here is going to find plenty of selling pressure, not only at the $55 level but more than likely the $60 level.

WTI Video 12.08.19

Brent

Brent markets broke down significantly during the week but found enough support just above the $55 level to turn around and show signs of life again. By doing so, the market has reached towards the $59 level, an area that was the bottom of massive support. While I do recognize that this is a somewhat bullish candle stick, it’s only a matter time before the sellers come back in and push this market lower. I have no interest in buying this market, as the $65 region is massive resistance right along with the $60 level. I’m fading rallies going forward, until of course we break above the $66 level which would be very bullish.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

More From FXEMPIRE: