Crude oil markets very noisy on Friday

WTI Crude Oil

The WTI Crude Oil market initially when sideways during the trading session on Friday but then broke above the $66 level. We turned around and fell from there, reaching towards the $65 level underneath, but as you can see on the chart I have an uptrend line drawn that has been somewhat supportive. I think that the market should continue to go back and forth, and I think it’s only a matter time before we rally to the upside based upon the structural support and importance of this level. If we break above the highs of the Friday session, I think that we probably grind towards the $68 level after that.

Brent

Brent markets drifted a bit lower during the trading session on Friday, reaching down towards the $76 level. The market has drifted a bit lower and then turned around to form a hammer on the hourly chart, which suggests that we could get a bit of a bounce from here. I think that the market will probably go down to the $77.50 level above, perhaps even higher. While the WTI Crude Oil market seems to be bouncing from a major uptrend line, the Brent market doesn’t have that in playwright now, so it may be a bit of a laggard to the WTI Crude Oil market in the short term. With the volatility in this market, keep your position size a bit small.

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