Crude Oil Weekly Price Forecast – crude oil markets collapse on Friday

WTI Crude Oil

The WTI Crude Oil market initially rallied during the week, reaching towards the $67 level before rolling over and forming a nasty looking candle. We are testing a significant uptrend line on the weekly chart, and I think that we are in serious danger of breaking down below it. If we break down below the $64 level, that not only breaks down through the uptrend line, but it also would break down through the bottom of the hammer that formed during the previous week. That would be a very bearish turn of events and could send this market looking for the $60 level. At this point, I think that bounces in this market will face great resistance.

Brent

Brent markets initially rallied during the week, but then broke down rather significantly, losing almost 4% on Friday. We broke down through the bottom of a hammer that showed plenty of support at the $75 level, and now it looks as if we are going to go looking towards the uptrend line on the weekly chart, which coincides roughly with $72. If we were to break down below that level, the market will more than likely go looking towards the $70 level after that. Otherwise, I think that the markets will try to find some type of buoyancy at the uptrend line, and perhaps keep the uptrend intact. At this point though, I think it’s very dangerous to trust that trend line blindly. Some type of confirmation would be needed.

WTI Video 18.06.18