Crude Oil Price Forecast – Crude oil markets drifted a bit lower

WTI Crude Oil

The WTI Crude Oil market did very little during the trading session on Monday, as we bounce around the $63 level. What I find interesting is that we had formed such a poor weekly candle stick during the previous week, but we are showing signs of resiliency right here. I had been talking about the $62.50 level quite a bit, as it was an area where I thought we would see a lot of support. The question is whether or not we will break through it. If we do break through that level, then it’s very likely we go down to the $60 handle. Overall, I believe that this is going to be a very volatile and decision-making week. In general, it’s very likely that we should stay away from this market in the short term.

Crude Oil Video 30.04.19

Brent

Brent markets also simply went nowhere during the day as I think we are trying to figure out where to go next. After all, the markets formed a horrible candle stick over here during the previous week as well, so it definitely is on the precipice of something big. If we turn around and break back above the shooting star from Thursday, that would be extraordinarily bullish. However, if we break down below the $70 level that could be rather ugly. Quite frankly, I think the oil markets are probably best avoided until we get some clarity.

Please let us know what you think in the comments below