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Crude Oil Weekly Price Forecast – Crude Oil Forms A Hammer

The crude oil markets fell initially during the week but have turned around to show signs of life again by forming a hammer. This has happened in both grades that I follow here at FX Empire.
Christopher Lewis
Crude Oil Weekly Price Forecast - Crude Oil Forms A Hammer

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back a bit during the week, but then turned around to form a bit of a hammer. At this point, the market looks very likely to rally from here if we get any signs of good news. Quite frankly, a lot of the selloff has been due to the noise coming out of the Middle East, but we had been rallying before all of that happened anyway. Because of this, if we break above the $60 level, I think that the WTI market might go looking towards the $62.50 level as well.

Crude Oil Inventories Video 20.01.20

Brent

Brent markets also have pulled back during the week to slice through the 50 week EMA, and then turned around to form a bit of a hammer. At this point in time, the market looks likely to see a bounce from here, perhaps going to the $67.50 level. Again, a lot of the nasty selloff from the previous week was due to the noise coming out of the Middle East and the fears of a war. Now that that has passed, it looks as if the trend is going to continue to the upside. I don’t know that we break out to the upside but it’s very likely that we are going to continue to see this market grind in the short term to the upside. Whether we break out above the resistance at the top of the overall range near $70 is a completely different question though. If we were to break down below this hammer, or the one in the WTI market for that matter, both of these will fall.

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