Crude Oil Weekly Price Forecast – crude oil markets fall again

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the trading session this week, but by the time we got halfway through the week, we broke down towards the $60 handle. That’s an area that will attract a lot of attention obviously, and we did see buyers start to come back to the market in that region. At this point though, it certainly looks as if the sellers may continue to push towards the $55 level. I suspect that it is a bit late to start shorting now though, quite frankly if you are a longer-term trader who was looking to short the oil market you should have been in this trade a couple of weeks ago. As for buying, I think that we need to see a weekly candle stick that shows supportive action such as the hammer to start thinking along those lines.

WTI Video 12.11.18

Brent

Brent markets initially tried to rally during the week but then broke down towards the $70 level, an area that will have a certain amount of psychological importance attached to it as it is a large, round, whole figure. I think at this point, the market is very likely to continue to go lower, perhaps reaching down towards the $65 level. If we turn around and bounce from the $70 level, that could be the first sign that the buyers are coming back into the market from a more substantial standpoint, but really at this point we need to break above the top of the candle stick from this past week before the buyers jump in hand over fist. If we break down below the bottom of the candle stick, then I think we go to the $65 level, perhaps even the $60 level.