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Crude Oil Weekly Price Forecast – Crude oil hammers again

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market initially fell during the week but found enough support at the same area that it did during the previous week two turn things around and show signs of life yet again. By doing so, in reaction to the attack on those oil tankers, it suggests that perhaps the $50 level will be defended one way or another. If we can break above the $55 level, the market is very likely to go towards the $60 level above. Ultimately, this is a very bullish look, that’s not to say that it’s going to be easy to accomplish.

WTI Video 17.06.19

Brent

Brent markets also fell during the week as they typically will move in lockstep with WTI. Instead of the $50 level though, we are looking at the $60 level over here and it makes sense that the market also looks bullish. The $60 level looks to be massive support, as it is not only a large, round, psychologically significant figure, and of course the 61.8% Fibonacci retracement level. That of course is an area that a lot of technical traders will pay attention to the markets, so therefore I think it makes sense that there is going to be a significant fight. All things being equal, it’s likely that the market will bounce, all we need is some type of catalyst to go higher, or perhaps even a softer US dollar. If we break down below the dual hammers in either one of these grades of crude oil, look out below.

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This article was originally posted on FX Empire

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