Crude Oil Price Forecast November 8

WTI Crude Oil

The WTI Crude Oil market has broken down a bit during the trading session on Wednesday again, as we are decidedly below the crucial $62.50 level. I think at this point it’s obvious that crude oil is going to continue to struggle, but the question is how much further can we go before we get a significant bounce? One would have to think that buyers should return sooner or later, but right now I think we’re probably going to go looking towards the $60 level before that actually happens. Ultimately, I believe that traders will continue to look at rallies as opportunities to sell, at least until we get above the $65 handle.

Crude Oil Video 08.11.18

Brent

The carnage in the Brent market continues as well, as we cannot seem to pick up the slack and it looks all but certain that we are going to go hunting the $70 level underneath. That’s an area that I would anticipate a lot of action in, it would probably coincide with the WTI contract hitting the $60 handle. With that in mind, I believe that market participants will continue to sell rallies, and I think it’s not until we break above the $75 level that we can continue to go higher. Ultimately, I think that selling is starting to slow down a little bit, which is probably the one thing that the buyers can hang their hats on. Selling rallies continues to probably be the best thing the average trader will do in this market, as we have seen so much bearish pressure and it’s going to take a lot to get beyond this.