Crude oil markets initially try to rally during the week but fails

WTI Crude Oil

The WTI Crude Oil markets initially try to rally during the week but turned around near the $69 level. By rolling over the way we have, the market has gone down to the $66 level. There is a major uptrend line just below, so I think at this point if we can break down below the $65 level, that would be a smashing of major support. If we can break down below there, the market probably goes down to the $60 level next. The alternate scenario of course is that if we break above the top of the candle for the week, then we could go to the $70 level after that. That being said, it does look like we are starting to struggle a bit, and the previous weekly candle certainly looks negative.

Brent

Brent markets were wild during the week, rallying and reaching towards the $80 level. However, we found enough resistance near the $79 level to turn around and form a massive shooting star. The shooting star sits on the $75 level, an area that has previously been resistance, and it should now be supported. If we can break down below the bottom of the candle for the week, I think we go looking towards the uptrend line underneath as although we are in a very bullish uptrend, we have had a shooting star at the $80 level, at very negative candle after that, and now another shooting star, which to me suggests that we are going to continue to struggle to gain from here.

WTI Video 04.06.18