Crude Oil Weekly Price Forecast – Crude Oil Markets Continue To Find Buyers

The crude oil markets fell during a large part of the week but also turned around to rally during just as much. It seems like every time the short-term charts showed a bearish move, the buyers were there to pick them up.
Christopher Lewis
Crude Oil weekly chart, November 18, 2019

WTI Crude Oil

The WTI Crude Oil market initially pulled back during the week but found enough support to turn things around to form a bit of a hammer. The hammer of course is a bullish sign and it looks as if we are ready to go higher. The top of the overall consolidation area extends from $60-$62 $0.50, and therefore I think we are going to go higher to try to test that out. I don’t necessarily think that we break above there, I think we just simply continue to grind back and forth but obviously have more buyers interested in this market than sellers based upon volume.

WTI Video 18.11.19

Brent

Obviously, Brent markets will follow the same path over the longer term, and we have in fact formed a hammer for the third week in a row. We are gradually grinding higher and I think it’s only a matter of time before we break towards the $65 level, and then perhaps even do $67.50 level. With that being the case, I think that the market is one that you can buy on dips, but I would not expect the world from the market, as the $67.50 level will continue to be very resistive. If we were to break above there then obviously the $70 level would be targeted as it is a large, round, psychologically significant figure. The alternate scenario is that we break down below the $60 level, because that of course would be negative breaking the back of three hammers in a row.

Please let us know what you think in the comments below

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US