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

Crude oil markets went back and forth during the week but spent most of his time falling. Because of this, it looks as if petroleum still has plenty of trouble ahead of it. At this point in time, oil is probably due for a little bit of a bounce but it certainly has a lot of resistance above.
Christopher Lewis
Crude Oil weekly chart, October 07, 2019

WTI Crude Oil

The WTI Crude Oil market fell during most of the week, crashing into the $51 level before bouncing quite a bit. What is particularly interesting is that you could lineup a perfect uptrend line based upon where we are closing, but overall there is a lot of negativity out there when it comes to the crude oil markets as demand simply isn’t out there. All things been equal though, we could rally all the way to the $60 level without changing anything. I would simply be a continuation of the overall consolidation. All things being equal though, I favor selling I think it’s only a matter time before that selling overwhelms. A break down below the $50 level could open the door to $45.

WTI Video 07.10.19

Brent

Brent markets fell during the week, testing the $56 level. At this point, the market looks very likely to find a bit of short-term support, but the $65 level above is going to be massive resistance. Any time we rally this point I’ll be looking for an opportunity to fade any type of strength. The demand for Brent obviously is going to be even weaker than for WTI as global markets are starting to wilt. At this point, if we were to break down below the $56 level I would look at support as extending down to $55 in a bit of a “zone”, but would short just below that level and aim for the $50 level.

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