Crude Oil Weekly Price Forecast – Crude oil markets recover for the week

Crude oil markets initially had more bearish pressure during the week but have turned around of form hammers in both grades we follow here at FX Empire. This is an extraordinarily bullish sign, so at this point it looks like the buyers are trying to make a statement.
Christopher Lewis
Crude Oil weekly chart, June 10, 2019

WTI Crude Oil

The WTI Crude Oil market fell significantly during the week, reaching towards the $50 level. However, we couldn’t quite make it down to that level, and have since rallied significantly as the Federal Reserve has changed its tune when it comes to monetary policy. With that being the case, it makes sense that the crude oil markets rally against a weaker dollar. The fact that we formed a hammer is a very bullish sign, and it’s now obvious to me that a move above the $55 level could kick off a bigger move.

WTI Video 10.06.19

Brent

Brent markets also fell to kick off the week but found plenty of support near the $60 level to turn around and form a hammer. This hammer isn’t quite as technically sound as the one in the WTI Crude Oil market, but it essentially tells us the same thing. At this point, I believe that the market is probably going to the $65 level, possibly the $67.50 level after that. Beyond that, then I think we are looking for a move towards the $70 level above which will be much more important from a longer-term standpoint.

It appears that for the next several weeks, the market will probably continue to go higher, but that doesn’t mean that it’s going to be easy all the time. All of that being said, if we were to break down below the bottom of the weekly candle stick from this past week, that would be very ugly for either one of these grades of petroleum.

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