Crude Oil Weekly Price Forecast – Crude Oil Markets Find Support

Crude oil markets initially fell during the week but found enough support at the trend line underneath to turn around and rally yet again. An attack on an Iranian oil tanker of course has helped the market to the upside.
Christopher Lewis
Crude Oil weekly chart, October 14, 2019

WTI Crude Oil

The WTI Crude Oil market initially fell during the week, reaching towards the uptrend line just above the $51 level. The $51 level is the beginning of support down to the $50 level, so it’s not a huge surprise to see that we have recovered a bit. That being said, when you look at the daily chart there are a lot of conflicting candlesticks, both hammers and shooting stars, so this chart might be a little bit misleading. At this point though, if we were to break above the top of the weekly candle stick is very likely that we could go looking towards the $60 level. At this point, the market is likely to be very noisy, but at this point it’s very likely that the upside will eventually prove itself.

WTI Video 14.10.19


Brent markets also have found support underneath at the $56 level during the previous week, and this week actually spent most the time rallying. Brent would have been more closely influenced by the Iranian oil tanker attack, so it makes sense that the market has reached towards the $60 level. A break above the top of the weekly candle stick should be a buying opportunity that allows the market to go looking towards the $64 level next. All things being equal, short-term pullbacks should continue to offer support, and after this week I do believe that the oil markets are trying to bottom out in general. That doesn’t mean that we have entered a new bullish phase, just simply that we may bounce a bit to see a continuation of the overall consolidation.

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