Crude Oil Price Forecast – crude oil markets rally slightly on Wednesday

WTI Crude Oil

The WTI Crude Oil market rallied slightly during the trading session on Wednesday, reaching towards the $55 level. That’s an area that of course will attract a lot of attention as it was supported previously, and now I think that we have pulled back a little bit, it could show that we will continue to see hers pressure. Even if we do rally from here, I think it’s not until we wipe out the nasty candle from Tuesday that you can start to think constructively. Quite frankly, now that we have broken below the $55 level I think that we will probably go to the $50 handle after that.

Crude Oil Price Forecast Video 22.11.18

Brent

Brent markets also rallied slightly during the session on Wednesday as well but remain well below the $65 level showing signs of negative. The nasty candle from the Tuesday session is to be over, the very least to start thinking constructively here as well, and I think at this point it’s probably going to be a “sell on the rally” type of situation. There is a gap just below the $70 level, and that could get filled but I would expect even more selling pressure at that area. Quite frankly, I don’t like the idea of buying this market quite yet, and I do believe that the $60 level underneath makes more sense than the $70 level above. We are most certainly in a downtrend, and I think that we continue to see quite a bit of negativity.