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Crude Oil Price Forecast – Crude Oil Markets Find Support

Crude oil markets found support during the trading session on Thursday as the trend line continues to hold in both grades. With that being the case it looks as if we are trying to build up some type a bottom for the overall consolidation area.
Christopher Lewis
Crude Oil daily chart, October 11, 2019

WTI Crude Oil

The WTI Crude Oil market initially fell during the day on Thursday but has found enough support to turn things around and show signs of life again. We have been consolidating between the $51 level on the bottom and the $54 level on the top so it shouldn’t be much of a surprise that we hear we are stuck in the middle again. Ultimately, this is a market that is waiting on all things US/China, just as everything else is. Commodities in general should be avoided for the next couple of days although I would be the first to admit that it is much more likely to see support hold than to watch it break away. However, give the politicians time, they could make it happen.

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Crude Oil Forecast Video 11.10.19

Brent

Brent markets also initially fell during the trading session but then found enough support to turn things around and form a hammer like candle. By doing so, the market looks likely to find enough support in this area to make another attempt at the $60 level which has been resistive. Ultimately, I do think that we are getting close to the bottom of the range that the market wants to be in, so more than likely what we will continue to see is a scenario where traders buy the dips, and then perhaps try to break out to the upside. However, if we were to break down below the $55 level, I would consider this a broken market, and look to the $50 level as a potential target.

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