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Crude Oil Price Forecast – Crude oil markets looking for support

Crude oil markets found support during the trading session on Tuesday, as we are sitting above a major amount of support underneath, and at a major inflection point. Ultimately, we are winding this market up for a bigger move.
Christopher Lewis
Crude Oil daily chart, October 09, 2019

WTI Crude Oil

The WTI Crude Oil market broke down during the trading session on Tuesday but continues to find support underneath as the uptrend line crosses just below, and of course there is a range of support from the $51 level down to the $50 level. This area has held several times before, so until we can break down below the $50 level, not much has changed as far as the longer-term uptrend. At this point, there is significant resistance above at the $55 level though, so keep in mind that we probably are going to bang around more than anything else. All things being equal, I anticipate that markets continue to be very noisy and difficult, preferring short-term trades back and forth.

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Oil Forecast Video 09.10.19

Brent

Brent markets tested the $57.50 level before bouncing during the trading session, although at this point I would point out that there is a couple of candlesticks that are competing against each other over the last couple of days, so it’s likely that we continue to bounce around between the $56 level on the bottom, and the $60 level above. Short-term back and forth trading probably continues to work, as the market has shown itself to be overly negative, but we are most certainly at an inflection point that could pick this market up. If we were to break above the $60 level, then it’s possible that we could go to the $62.50 level but I think it’s going to take an extraordinarily significant catalyst to make that happen.

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