Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
Crude Oil Weekly Price Forecast - Crude Oil Markets Get Hammered For The Week

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the week, reaching towards the $60 level before breaking down significant down to the $54 level. This has been a significant break down, and we are closing towards the bottom of the range for the week, which in and of itself is a very sign. However, there is significant support down at the $50 level, so I believe at this point we will probably continue lower, but have buyers come back in at that level. If we were to break down below the $50 level, that could open up the door for oil to go back down to the $45 handle.


Crude Oil Inventories Video 27.01.20


Brent markets have broken down significantly during the week as well, reaching towards the $60 level. There is significant support underneath near the $57.50 level, extending all the way down to the $50 level. I think at this $55 being broken to the downside opens up a shorting opportunity just as a bounce from the $57.50 level is an opportunity to take advantage of the consolidation that we have been in over here as well. Essentially, it’s going to be the same play as we see in the WTI grade of crude oil, that we are simply waiting to see whether or not the support shortly underneath us is going to hold. If it does, then the trade is clearly to play the range further. Otherwise, we have a little further to go to the downside going forward as the neck support level is a little further lower.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.