Crude Oil Price Forecast – Crude Oil Facing Resistance Above

WTI Crude Oil

The WTI Crude Oil market has rallied a bit during the trading session on Wednesday, showing signs of exhaustion again. Keep in mind that Wednesday will have been very thin when it comes to the volume, as traders will have been focusing more on Thanksgiving than anything else. We are also at the top of a bigger range, so it’s likely that we will continue to see a lot of back and forth. I believe that the $60 level above is going to be difficult to break, and as a result I would not be surprised at all to see some type of pullback. Don’t be wrong, I don’t think that the pullback is something drastic, just a continuation of what we have seen for several months.

Crude Oil Price Forecast Video 28.11.19

Brent

Brent markets struggle quite a bit more during the trading session, and I think this could be a bit of a “heads up” as the what happens in the WTI market as Brent has basically tested that top of the consolidation rectangle. At this point, I think that the $65 level will continue to be crucial, and it’s not until we break above there that I think the market will break out higher. I think a simple return lower makes quite a bit of sense, as we have no signs of the market changing its overall attitude. Crude oil tends to trade in a very technical manner, so it would not be a huge surprise at all to see this market reached towards the lows of the rectangle that I have drawn on the chart. At this point, it’s probably more risk to the downside than up here.

Please let us know what you think in the comments below