Crude Oil Weekly Forecast – crude oil markets pull back for the week

Crude oil markets fell during the week, as the resistance above continues to offer major resistance. That being the case, it looks as if we are trying to build up enough momentum to continue going higher, with the significant danger of breaking down.
Christopher Lewis
Crude Oil weekly chart, February 11, 2019

WTI Crude Oil

The WTI Crude Oil market fell significantly during the week, reaching down towards the $52 level. This is a bit surprising considering that the candlestick looks so healthy the previous week. At this point, I think that we are looking at a market that is traded in roughly a five dollar range. If we can break down below the highs of the candle stick, then I think we can go higher. However, if we slice through the $50 level, things could get rather ugly for this market. I think that we have fears of global slowing that are starting to weigh upon this market, and now it looks like we are extraordinarily tight and range bound. Long-term trading is going to be difficult.

WTI Video 11.02.19

Brent

Brent markets had a negative candle stick this week again, as we continue to go back and forth. At this point, it looks as if we are essentially stuck in the same trading range that we have been in, with the $60 level underneath offering significant support. If we break down below the last couple of candlestick wicks, then I think were in real trouble. Otherwise, we are still waiting for a break above the $64 level to place a longer-term bullish position on. I think you are stuck trading this and a short-term range bound manner in the meantime, as a longer-term trades are going to be very difficult to put on as the market looks a bit confused.

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