FXEMPIRE
All

Crude Oil Price Forecast – crude oil markets fall a bit

Crude oil markets continue to drift a bit lower during the trading session on Tuesday, slicing through some scenes of support. We continue to see a lot of bearish pressure, and of course the strengthening US dollar isn’t helping.
Christopher Lewis
Crude Oil Midday chart, October 30, 2018

WTI Crude Oil

The WTI Crude Oil market gapped lower to kick off the session on Tuesday but turned around to fill the gap before falling yet again. We have broken down below the uptrend line, which of course is a very negative turn of events. We are testing the $65 level now, and if we can break down below that level, the market probably continues to go much lower. Ultimately, I think that if we break down below there it should only continue to bring in  a lot of selling pressure as more capitulation continues to enter the marketplace. At this point, it’s not until we break above the $67.50 level that I could find myself buying this market.

Oil Forecast Midday Video 30.10.18

Brent

Brent markets of course fell as well, testing the $75 level for support. If we can break down below that level, the market then more than likely will reach down towards the $72.50 level. This is a market that has been sold off rather drastically, but I think given enough time we need to see some type of correlation. I think the Brent market needs to break the $77.50 level to continue going higher, and if it does it’s likely that we will see a big push higher. However, right now it looks as if the markets are in a bit of a freefall so I much more comfortable shorting than buying, especially below the $75 handle. This is a market that I think is continuing to struggle going forward but we are a bit oversold in the short term.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US