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Crude Oil Weekly Price Forecast – Crude Oil Markets Choppy For The Week

Crude oil markets have been very choppy during the week, moving in both directions. Ultimately, the market does look as if it is trying to hang on by its fingernails to any signs of hanging in the previous consolidation region.
Christopher Lewis
Crude Oil Weekly Price Forecast - Crude Oil Markets Choppy For The Week

WTI Crude Oil

The WTI Crude Oil market has shown itself to be very noisy during the week, breaking below the $50 level one point, but bouncing back above it as well. At this point, the market is going to form a slightly negative candlestick, but probably more of a neutral stance. It’s relatively simple from here, if the market can break above the top of the weekly high from this past candlestick, then we have a good shot of the market bouncing towards the $55 level, possibly even the 50 week EMA closer to the $57 level. However, if the market was to break down below the lows of this week, it clearly opens up the door to the $45 level.

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WTI Oil Video 10.02.20

Brent

Brent markets look very similar but may have supported a little closer to the region than WTI does. If the market breaks above the $57.50 level, then it’s likely that the market will continue to go much higher. That being said, it will have to deal with the $60.00 level initially. On a break down below the bottom of the candlestick for the week, then I think the market is probably going to go looking towards the $50 level underneath. That being said, market participants should be looking at OPEC and Russia as to whether or not they are going to extend cuts, so that could be one of the possible reasons for a recovery. Furthermore, China is front and center as far as demand is concerned as well.

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