Crude Oil Weekly Price Forecast – Crude oil markets form a neutral candle

WTI Crude Oil

The WTI Crude Oil market went back and forth during the course of the week, forming a somewhat neutral looking candle. We are testing the uptrend line underneath, which of course should be supportive. The $60 level underneath is massive support and of course that being the case it makes sense that we have bounced from there. However, we have a lot of volatility due to the US/China trade relations, so it’s going to be interesting to see how this plays out. All things being equal it looks as if we are trying to go higher, perhaps reaching towards the $65 level. However, if we break down below the $59 level, that opens up the door to the $55 level and perhaps even lower than that.

WTI Video 13.05.19

Brent

Brent markets went back and forth during the week as well, testing the uptrend line. That’s an area that should cause quite a bit of support, and it looks as though the Brent market is trying to rally towards the upside. The $75 level above is resistance, based upon the shooting star that we formed a couple of weeks ago. However, if we break down below the $67 level it would blow through the bottom of this trendline, perhaps reaching towards the $65 level. That being said, I think this comes down to the US/China trade relations as well, so it’ll be an interesting effect that could come into play. At this point it does look like the buyers are trying to make a stand though.

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