Crude Oil Weekly Price Forecast – Crude Oil Markets Continue To Grind Sideways

The crude oil markets have been stuck in a consolidation area for quite some time and have shown no proclivity to break out of that consolidation area during the previous week. With that, more of the same is to be expected.
Christopher Lewis
Crude Oil weekly chart, November 04, 2019

WTI Crude Oil

The West Texas Intermediate Crude oil market has fallen during most of the week but showed signs of recovering a bit towards the end of the week. That being the case, the market is likely to continue to show signs of resiliency and perhaps even an opportunity to reach toward the top of the rectangle that I have drawn on the chart. Ultimately, this market looks like it is range bound in general and that makes quite a bit of sense considering that OPEC is threatening production cuts, while at the same time we need to worry about whether or not there is going to be demand globally due to a shrinking economy.

WTI Video 04.11.19

Brent

Brent markets also look very similar, showing signs of stagnation but I do think that there is enough bullish pressure underneath the turn this market around and have it looking towards the $65 level. I like buying short-term pullbacks, as it gives us an opportunity to take advantage of you can quote cheap crude.” I don’t expect explosive moves to the upside though, and quite frankly at this point I think it’s probably easier to trade this grade of crude oil from a shorter-term standpoint such as a four hour chart. That being said, I think more of the same is coming for Brent, and therefore I think that playing the extremes of both support and resistance at $57 on the bottom and $70 on the top probably plays out quite well for most of the winter.

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