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.

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.

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