Crude Oil Weekly Price Forecast – Crude Oil Continue to Reach Towards GapCrude oil markets have gone back and forth during the week, showing signs of noisy trading. The gap above is certainly in focus in both grades that I follow.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the week, as we continue to see a lot of noise in general. That being said, the market is likely to continue seeing resistance just above as it is the beginning of the massive gap that continues to be one of the biggest technical areas on the chart. I think that we probably will eventually break out to the upside and then go looking towards the $41 level above which coincides with the 200 day EMA. I do not expect break above the $41 level.
WTI Oil Video 01.06.20
Brent markets of course went back and forth during the week, as we continue to see a lot of noise when it comes to the energy market. Quite frankly, this should not be a huge surprise considering that the market has to deal with when it comes to demand and of course questions as to whether or not some of the members of OPEC plus will continue to keep the production cuts and play. At this point, I think that we probably go looking towards the $40 level, and then possibly even break above there to go looking towards the $45 level.
All things being equal, we could pull back to the $30 initially, so with that it is possible that the buyers will come in based upon value at that point. If we did break down below the $30 level, then it means we get another leg lower. All things being equal, the market is likely to be positive though, it just simply because we need to fill that gap.
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