Crude Oil Price Forecast – Crude oil markets chop on Friday to end the week

The crude oil markets continue to chop back and forth during the trading session on Friday, as we have perhaps blown through a certain amount of momentum. With that being the case, it’s likely that we may take a bit of a breather before continue higher.
Christopher Lewis
Crude Oil daily chart, March 18, 2019

WTI Crude Oil

WTI Crude Oil broke down during the trading session on Friday but found enough support at previous resistance to turn around and show signs of life again. As we have formed a rather neutral candle, this is actually a good sign considering that we have retested the previous resistance. Now I think we are ready to go much higher, perhaps reaching towards the $60 level above. That’s an area that features a small gap, so it’s likely that there will be a bit of a fight there. However, I do think that we continue to go even further.

Crude Oil Inventories Video 18.03.19

Brent

Brent markets went back and forth during the trading session on Friday, as we ran out of steam for the end of the week. We continue to grind back and forth, but that’s not a huge surprise considering that we are at the top of the range. I think if we can break above the highs from the Thursday session, the market is very likely to continue breaking out to the upside and going much higher. That being the case, I like crude oil overall especially if we can get a softening US dollar. There are several OPEC cuts in the process of driving the market but given enough time I think we not only go to the $70, but eventually we will probably go to the $75 level after that. I have no interest in shorting.

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