Crude Oil Weekly Price Forecast – Crude oil choppy for the week

WTI Crude Oil

The WTI Crude Oil market went back and forth during the week, forming a very choppy and indecisive a neutral candle stick. At this point, the market is roughly at the middle of what I think is the trading range now. The $65 level above is significant resistance as it was previous support, just as the $60 level underneath should be rather supportive. Longer-term traders are going to need to see this area broken to the up or down site, and until then longer-term traders are going to be at a bit of a disadvantage. That being said, the last couple of candlesticks do suggest that perhaps we’ve got more selling ahead.

WTI Video 06.05.19

Brent

Brent markets went back and forth during the week as well, forming a neutral candle stick. The shooting star from the previous week at the $75 level is of course a very negative sign. The uptrend line that I have drawn on the chart coincides nicely with the $70 level. If we break down below that level, then the market should go to the $67.50 level. A move below there could open up the door to the $65 level. On the other side of the equation, if we were to break above the top of the shooting star from the previous week, that would be extraordinarily bullish and send this market towards the $80 level, possibly even the $85 level after that. That being said, this is a chart that although doesn’t look extraordinarily bearish, looks more likely to drift lower.

Please let us know what you think in the comments below