Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Look SoftCrude oil markets have been negative for some time, and it looks very likely that we are going to continue to see a lot of selling pressure on rallies due to a lack of overall demand.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has tried to rally during the week but gave back the gains in order to form a bit of an inverted hammer. At this point, if we can break above the top of that hammer, we could see a bit of a short covering rally to reach towards the $30.00 level. However, if we break down below the $20.00 level, that would be an extraordinarily negative sign to say the least. I do believe at this point we are probably going to continue to see noisy and heavy trading conditions. There is a gap above that needs to be filled though, but quite frankly we need Saudi Arabia and Russia to knock out the price war or at least show signs of a falling of relations in order to even begin that move.
WTI Oil Video 30.03.20
Brent markets of course look very much the same, as we are below $30.00. The candlestick from the previous week is being tested to the bottom, and if we break down below that it’s likely that Brent will follow through to the $25.00 level, possibly even lower. That being said, if we break above the top of the candlestick it would be a very bullish sign and this market could go looking towards the $35.00 level in a bit of a short covering rally as well. I do like the idea of buying if we get that breakout to the upside but like I said, we need to see some good news before anything like that could happen.