Crude Oil Weekly Price Forecast – crude oil markets rally during the week but fell at the same level again

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the week, reaching towards the $71.50 level, but pulled back yet again. In fact, it’s been a bit surprising how tough that area has been, and I think what we are looking at is a scenario where we will continue to see a lot of selling pressure in that area. I think that given enough time the market will probably continue to be very difficult to manage from a longer-term perspective, as we are tightening in range. However we are in an ascending triangle, so I still have an upward bias but clearing the $71.50 level is of course crucial.

Brent

Brent markets also tried to rally during the week but failed at the $80 level, just as he did the previous week. Forming a shooting star is a negative sign, and I do think that we are about to see some type of pullback. However, if we do get a break above the $80 level and close above there on a daily chart, I think longer-term traders will come in and start picking it up again. This market continues to be very noisy, but at this point I think that there is a major uptrend line underneath that will eventually pick the market up. There are a lot of concerns about the trade war, and that of course has people worried about demand. Ultimately though, supply is getting tight so unless the trade war goes into overdrive, oil should eventually find buyers.

WTI Video 17.09.18