Crude Oil Price Forecast – Crude oil markets continue to drift lower

WTI Crude Oil

The WTI Crude Oil market initially gapped lower to kick off the trading session on Wednesday but turned around to fill that gap. After that, it looks like we are going to continue to go lower, and perhaps reaching down towards the bottom of the gap from the Saudi drone strike. At this point, it’s very likely that we will eventually get down there, so it’s only a matter time before the sellers get what they want. After all, most gaps get filled, but it may be the best trade to simply wait for short-term rallies to show signs of exhaustion and start shorting again.

Crude Oil Price Forecast Video 19.09.19

Brent

Brent obviously is very much the same, as we continue to see a lot of volatility. Ultimately, if the market goes down again, then we could get as deep as $61 without having to many issues. Short-term rallies continue to offer selling opportunities as Brent has been following right along with the WTI Crude Oil market. At this point, the market looks likely to offer plenty of opportunities, and the fact that we have wiped out the entire candle stick from the Monday session is of course very bearish in general. Filling the gap is something that happens quite often, and therefore it’s likely that we will see more sellers than buyers going forward. Take advantage of quick bounces, should be nice opportunities to take advantage of the gap.

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