Crude Oil Price Forecast – Crude oil markets struggle on Friday

WTI Crude Oil

The WTI Crude Oil market tried to rally during the day on Friday but gave back about half of the gains by the time we got into New York afternoon trading. With that being the case it’s very likely that we are going to continue to see resistance just above that is difficult to deal with, and therefore I think that the rallies are to be sold until we can break above the $65 level. Looking at the chart, the $62.50 level underneath is support, so I think that’s probably where we go looking for a reset.

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Brent

Brent markets rose a bit during the trading session on Friday, but still continues to be a little bit lackluster. With that in mind, it makes sense that we continue to go sideways overall, or perhaps pull back a bit towards the $70 level. It’s not until the WTI Crude Oil market breaks out to the upside that this market will be able to go higher as well. I think a short-term pullback makes quite a bit of sense, so at this point look for value at lower levels.

The 200 day moving average is down at the $67 region, so we could go as low as that level without changing the overall trend. Crude oil has been very bullish over the last several months, so obviously it’s easier to buy the dips than try to short the market here or put money to work right away.

Please let us know what you think in the comments below