Crude Oil Weekly Price Forecast – Crude oil falls hard for the week

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the trading week, breaking above the $65 level. By doing so, and then collapsing, it’s very likely that the market could be at a very serious inflection point. The $65 level was massive support previously, and now it looks as if it is going to serve as a bit of a “ceiling” in the market. Ultimately, if we break down below the candle stick for the week, we could very easily drop down to the $60 level. A break down below there opens up the floodgates to the downside. On the other side, if we were to break above the top of the candle stick for the week, we could go all the way to the $70 level.

WTI Video 29.04.19

Brent

Brent markets rallied significantly during the week, testing the $75 level. However, we have turned around to form a massive shooting star, and it now looks likely that we are going to break down from here. Rallies will continue to be faded until we get above the $75 level. We are at the scene of significant support in the past, so now it looks very likely to be massive resistance. In general, I think that the market could very well find itself reaching down towards the $65 level, but it’s going to take a significant amount of momentum to do that. I suppose it should also be pointed out that the 61.8% Fibonacci retracement level is right in the middle of this candle as well.

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