Crude Oil Weekly Price Forecast – crude oil markets continue to press resistance

WTI Crude Oil

The WTI Crude Oil market initially pulled back during the week, but then turned around to form a hammer. The hammer of course is a bullish sign, but at this point we have to decide whether or not it is going to be bullish or bearish, because if we break down below the bottom of this candle stick, it then becomes “a hanging man.” That of course is a very negative sign, but right now it looks as if the resiliency is still part of the market, and that being the case I think if we can break the $55 level, the WTI Crude Oil market will go higher. I believe that given enough time it will happen but if we break the bottom of the hammer, then I think we go to the $50 level almost immediately.

WTI Video 28.01.19

Brent

Brent looks very much the same as you would expect, forming a bit of a hammer for the week. The $64 level above is resistance, so if we can break above there that would be a very bullish sign. Once we get that, I think the market will probably go towards the $70 level after we clear the $65 level which should be rather quick. A break down below the $60 level would be somewhat bearish, but I think the buyers may return somewhere around $57.50. This market continues to go sideways, but we have recently seen a nice bounce higher the question now is whether or not it’s a trend change, or is it simply a dead cat bounce?