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Crude Oil Price Forecast – Crude Oil Markets At Top Of Range

The crude oil markets were a bit choppy during trading on Tuesday as we are at the top of an overall trading range. By doing so, the market looks vulnerable, but one should note that buyers continue to come back in.
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets At Top Of Range

The WTI Crude Oil

The WTI Crude Oil market has initially broken down during the trading session on Tuesday but found buyers underneath the turn things around and form a bit of a hammer. By doing so it looks as if the market is trying to break out to the upside but there is a significant amount of resistance built in just above at the $62.50 level that extends higher. In fact, it’s very likely that we will run into trouble between there and $65. With this in mind, I suspect that we will see a lot of choppiness in the short term so as traders come back from the new year holiday, probably best to sit on the sidelines.

Oil Forecast Video 02.01.20

Brent

Brent markets initially fell as well, but also found buyers to turn things around and form a bit of a hammer. The hammer sits below a major resistance barrier in the form of $67.50, so at this point it’s very difficult to imagine a scenario where I would be looking to buy, as it is going to be a fight to get to the $70 handle. Having said that, there is a lot of support underneath so quite frankly I think that Brent should be left alone for the next couple of days in order to let traders figure out where they want the market to be, and then simply follow from there. I will keep you up-to-date here at FX Empire, as to what it is I am doing and what it is I see but right now this looks like a difficult market.

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