Crude Oil Price Forecast – Crude oil markets have rough Friday

WTI Crude Oil

The WTI Crude Oil market broke down significantly during the trading session on Friday, breaking the back of the $63 support level. Now it looks as if we are going to break down below the $62.50 level, and if we do it opens up the door to the $60 level. Ultimately, this is a market that I think is changing its tune, and the next couple of days will be crucial. At this point, if we break above the recent high, then the market probably goes to the $70 level. The $60 level being broken to the downside would be drastically negative. It’s hard to tell if this is a pullback, or reversal. However, the weekly candle suggested could possibly start to be the latter.

Crude Oil Inventories Video 29.04.19

Brent

Brent markets also got crushed, losing 3.5% at the time of writing like the WTI did. At this point, it looks very likely that we are going to go down to the $70 level, and then possibly even down to the $67.50 level. Ultimately, the $75 level above is massive resistance, so if we do break above there, it would be extraordinarily bullish as this has been so negative. Volume is very high for the day, which of course is not a good look for the market either. I think that the rally in oil may have just ended over the last couple of sessions. It’s early days though, so keep that in mind. Expect a lot of volatility.

Please let us know what you think in the comments below