Crude Oil Weekly Price Forecast – crude oil markets break out during the week

The crude oil markets broke out during the week, slicing above significant resistance in both grades that we follow here at FX Empire.
Christopher Lewis
Crude Oil weekly chart, January 14, 2019

WTI Crude Oil

The WTI Crude Oil market broke above the $50 handle, an area that has been important previously due to support. I think at this point, now that we have broken above the $50 level, then it looks as if we will continue to go higher longer term. I believe that the attitude of oil traders has changed drastically over the last couple of weeks, and now I’m looking to pick up bits and pieces of value as they appear. A break above the top of the candle stick is reason to go long, but I also recognize that the $55 level could cause a bit of resistance. I also believe that the $50 level underneath will cause support so I don’t have any interest in shorting and will probably go to smaller time frames and in order to find buying opportunities.

WTI Video 14.01.19

Brent

Brent markets rallied and broke above the $60 level above, reaching towards the $62 handle. I think at this point it’s likely that we will continue to go higher given enough time, but I do recognize that the $65 level above is resistance. Ultimately, I think that if we can break above the $65 level we can change the entire trend. I think that we are trying to build a bit of a base, the market will of course be choppy because of this. However, I do think that the worst has been done as we have formed a perfect camera on the $50 level and rally from there. The pullback should offer plenty of value that you can take advantage of.

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