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Crude Oil Weekly Price Forecast – Crude oil markets continue to struggle

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has tried to rally during the week, but then broke down at the same $57 area to turn around and form a less than impressive candlestick. With that being the case, the market is likely to go down towards the $50 level, as we continue to see a lot of dangerous selling pressure just above. With the Russians stating that they will not cut production, it’s likely that we will continue to see a bearish pressure as well. Ultimately, fading short-term rallies continues to work out.

WTI Video 02.09.19

Brent

Brent markets initially tried to rally during the week, but then turned around at the $60 level to show weakness yet again. By forming the third shooting star shaped candle stick in a row, and it looks very likely to break down towards the $55 level, possibly even the $50 level after that. The alternate scenario of course is that we break above the top of the previous three candlesticks, and then it’s likely that we could go towards the moving averages above at the $65 level. Ultimately, this is a market that continues to see selling pressure above, so having said that it’s likely that we will eventually go looking towards the $50 level on the bottom.

This is a market that will continue to struggle due to a lack of demand and global growth, so having said that it makes quite a bit of sense that the marketplace continues to look sluggish and negative in general.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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