Crude Oil Weekly Price Forecast – crude oil markets looking to find a bottom

The BTI Crude Oil

The WTI Crude Oil market has bounced quite nicely from the $50 level this week, turned around to reach towards the $55 level, an area that should be resistive based upon the daily chart. Ultimately, if we can break above the $55 level, it’s likely that we can reach towards the $60 level. I think that the $50 level is psychologically significant and important enough for traders to look at it as an opportunity to go long. Beyond that, OPEC could very well come up with some type of production cut that sends this market higher. Quite frankly, after the selloff that we have seen, a bounce is not only likely, it’s probably necessary.

WTI Video 10.12.18

Brent

Brent markets also bounced from a major area, in the form of the $60. I think at this point, a break above the weekly candle stick during the coming week could be assigned that we are going to continue to go higher, perhaps reaching $65, and then the $70 level. At this point, $60 looks very likely to offer a bit of a bottom, even if it’s only for the short term. Given enough time though, I think we could revisit the $70 level, especially if we get some type of production cut coming out of OPEC. Beyond that, it’s likely that the short-sellers will probably be looking to take profits going into the late part of the year as they certainly have made quite a bit of money in a very short amount of time.