Crude Oil Weekly Price Forecast – crude oil markets break out

The crude oil markets broke out during the week, showing signs of real strength. Ultimately, this is a market that should continue to find buyers. Now that we have a tightening of supply coming out of Iran, it’s very likely we will continue to see more of the same.
Christopher Lewis
Crude Oil weekly chart, October 02, 2018

WTI Crude Oil

The WTI Crude Oil market has broken above the $71 level during the week, showing signs of strength. We gapped higher at the beginning of the week on Monday, and simply went sideways with an upward proclivity, showing even more bullish pressure on Friday as we made even higher highs. I think that short-term pullbacks are opportunities to go long, and I have no interest in shorting this market. It looks likely that we will now go looking towards the $75 level, as we have firmly ensconced ourselves into a nice uptrend.


Brent markets or even more bullish than the WTI Crude Oil market as we have sliced through the $80 level. Not only did we slice through that crucial round number, but we have broken above the tops of three consecutive shooting stars, which of course is an extraordinarily bullish sign. I believe that the $85 level above will be a target, just as the $80 level underneath will be massive support now. I’d be looking for pullbacks to get involved to the long side, but with the bullish candle that we have formed for this past week there can be very little doubt as to what the attitude of the market is and where people are looking for it to go, which of course is simply higher.

If we did break down below the $80 level, that would be extraordinarily negative, but even then I think there’s plenty of support at the $75 level underneath.

WTI Video 01.10.18

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.