Crude Oil Price Forecast – Crude Oil Markets Look Ready To Rollover

WTI Crude Oil

Crude oil markets drifted a bit lower during the trading session on Monday, as we continue to see a continuation of selling pressure. We had gotten to the very top of the overall consolidation range from a longer-term outlook, and it appears that we are going to continue to see a lot of the same. With that being said, I believe that if we can break down below the $60 level it’s likely that this market will go down to the $58 level. In that area, I expect to see buyers coming back to pick up crude oil based upon structural support and of course the moving averages on the chart.

Crude Oil Video 24.12.19

Brent

Brent markets also look very soft at this point and likely to struggle with being this extended. It the $65 level should be support, but if it does not hold, that will more than likely open up the door to the $63.50 level. Above, I see the $67.50 level as resistance, and I think it’s very unlikely that we simply slice through there due to the fact that there will be a lot of volume this time a year. I think a simple pullback makes quite a bit of sense if for no other reason than profit-taking at this point. I will reevaluate things down at the $63.50 level, but at this point it looks like we are running out of momentum. As we run out of momentum, it’s very unlikely that we can continue going higher as easily as we had over the last couple of weeks.

Please let us know what you think in the comments below