Crude Oil Weekly Price Forecast – Crude Oil Markets Range Bound

The crude oil markets have gone back and forth during the week, settling on a green candlestick but quite frankly we are still in a larger consolidation area and therefore it’s unlikely that the market will break out significantly.
Christopher Lewis
Crude Oil weekly chart, November 11, 2019

WTI Crude Oil

The WTI Crude Oil market has rallied a bit during the week, breaking above the 50 week EMA but did give back some of the gains. Ultimately though, this is a market that continues to see a lot of choppiness due to the perceived OPEC production cuts coming in December, but there are also talks about the cuts as they may not happen. All things being equal, this is a market that has been bouncing between roughly $50 on the bottom and $62.50 on the top. This is typical for the market, so look for the market to stretch to one of the extremes and therefore be able to turn right back around.

Crude Oil Inventories Video 11.11.19

Brent

Brent markets are also consolidating as the West Texas Intermediate Crude market has, as the $67.50 level above has caused resistance, while the $55 level underneath has been massive support. The candlestick is positive just as it was in the WTI market, but it’s relatively neutral. All things being equal, it’s hard for longer-term traders to place a trade away from the two blue rectangles on the chart, and as a result longer-term traders will probably continue to be a bit cautious about what to do next, at least until we can get to the extremes of the range. In general, this is a market that continues to be very noisy and headline driven not only by OPEC, but the US/China trade war. In general, the noise should only continue going forward so make sure you position size your trade correctly.

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