Crude Oil Price Forecast – Crude oil markets possibly reaching major top

WTI Crude Oil

The WTI Crude Oil market tried to rally during the trading session on Tuesday but found the $65 level be far too resistive to get above. That’s not a huge surprise, and I did of course suggests yesterday that we might get a little bit of a pullback. At this point in time, it looks like it’s starting and therefore we could drift down towards the $62.50 level underneath which is significant support, and then possibly even the $60 level if things pick up to the downside. The alternate scenario of course is that we break out to the upside, sending this market much higher.

Oil Forecast Video 10.14.19

Brent

Brent markets also pulled back a bit during the trading session but as you can see seems to be supported underneath at the $70 level. The question now is whether or not we can stay above there? Even if we don’t I see plenty of support at the $69 level as well so I am a buyer of dips as Brent looks ready to continue going higher and breaking out. In fact, it’s very possible that Brent might be the leader here and drag WTI right along with it. At this point it’s likely that we will continue to see a lot of noise, but it’s possible that any dip at this point will probably be considered value by longer-term traders. Obviously, the trend has been in the buyers favor.

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