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Crude Oil Price Weekly Forecast – Crude oil markets fail again

The crude oil markets try to break out during the week but has failed again as we have turned around completely. The massive amount of volatility continues, but it’s obvious that the buyers can’t quite take over the momentum.
Christopher Lewis
Crude Oil weekly chart, September 16, 2019

WTI Crude Oil

The WTI Crude Oil market tried to break out to the upside during the week but has seen enough resistance above the turn around and get slammed right back down to the $55 level. This is a market that I think is going to enter some type of choppy consolidation, and although the move was somewhat impressive, the reality is that crude oil doesn’t know what to do at this point. After all, there are concerns about global growth, but then again central banks are trying to step on the gas. Beyond that, the US/China trade relations are getting a little bit better it seems, and then of course John Bolton being fired this week opens up the door for a potential negotiation between the United States and Iran.

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WTI Video 16.09.19

Brent

Brent markets tried to rally a bit during the week as well, but got absolutely hammered to fall back towards the downtrend line that is probably more apparent on the daily charts. At this point, it’s likely that we should continue to see a lot of volatility in this area, it’s likely that the market could turn around and try to recapture this area and I think that’s probably what we are looking at, meaning that short-term back and forth range bound trading would make quite a bit of sense. Because of this, I think it’s good to be difficult to see longer-term traders jump into the Brent market with any type of comfort. With all of that, it’s probably best to leave this alone from a longer-term perspective.

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