Crude Oil Price Forecast – Crude oil falls after weak jobs number

WTI Crude Oil

The WTI Crude Oil market fell during the trading session on Friday after the jobs number came out. We crushed the $55 level of support and reached all the way down to the 50 day EMA. Since then, the market has stabilized a bit, but really at this point one would have to look at this as a severe test of the willingness of buyers to come in. At this point, it looks like we will probably continue to drift a little bit lower in the short term. One thing that’s worth noting is that the weekly candle stick is a bit of a shooting star shaped candle.

Crude Oil Inventories Video 11.03.19

Brent

Brent of course did the same thing, reaching down towards the 50 day EMA and the $64 level. This is a market that looks likely to roll over as well, perhaps down to the $62.50 level where I see a lot of clustering. Any rally at this point should be looked at with suspicion until we can break above the 200 day EMA on a daily close, something that I don’t see happening anytime soon. That would be roughly $67.50, which is something that we been trying to do a week, and quite frankly now that we have some momentum it’s in the opposite direction so that makes it much less likely. All things being equal, I’m a short seller on lower time frame rallies that look like they are rolling over a bit.

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