Crude Oil Price Forecast – Crude Markets Soft To Open Up The Week

WTI Crude Oil

The WTI Crew Oil market has been somewhat flat over the last couple of weeks, and a $2.50 range. Monday so more of the same as we initially try to rally but then rolled over to show signs of exhaustion. With that, the market looks very likely to continue more of the same, offering range bound trading at best. Short-term charts will probably continue to be the best way to trade this market as we are forming such a well-defined trend. That being said, you could make an argument for a bearish flag but if that were to kick off, you could be looking at a move all the way down to $42, which would be a horrible move for crude oil.

Crude Oil Video 22.10.19

Brent

Brent markets fell a bit during the trading session on Monday as well, as we continue to grind back and forth. This is a market that is going to continue to be range bound as well, but it does look like we are starting to try to find some type of footing. The $55 level underneath should be massive support, extending all the way to the $56 level which will be important to pay attention to. To the upside, the $60 level course will cause some issues, with the 50-day EMA sitting just above there, and of course the round figure causing some psychological discomfort. Again, if you could make an argument for a bearish flag, but that seems unlikely.

Please let us know what you think in the comments below