Crude Oil Weekly Price Forecast – Crude oil markets have another rough week

The BTI Crude Oil

The WTI Crude Oil market initially tried to rally during the week but then broke down through the $70 handle, a significant technical and psychological level. Now that we have broken down below there, reaching towards the 61.8% Fibonacci retracement level, before bouncing just a bit. I think at this point, the oil markets are very skittish as there are tensions between the United States and Saudi Arabia, and then of course the Iranian sanctions. I think there are a lot of competing headlines right now, so it is going to be very difficult to trade. In fact, I suspect you are better off to wait to see how this weekly candle shakes out before you place a trade.

Brent

Brent markets could lead the way. Although they are negative they have already turned around to break back above the $80 handle, bouncing from the 50% Fibonacci retracement level. If they start to rally, then the WTI market should follow right along. Keep in mind that this market has been bullish for quite some time, and I think that it is only a matter time before we rally but I also recognize that there are simply competing headlines right now that the oil markets going to be very noisy to say the least. Overall, I think that you can get involved to the upside but you must do so very slowly as there is a lot of danger out there.

WTI Video 22.10.18