Crude Oil Weekly Price Forecast – Crude oil markets run into major resistance

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the week but ran into a ton of resistance at the $65 level. By doing so, it looks as if the market is going to continue to struggle with is major handle, which was once massive support and should now be massive resistance. Ultimately, this is a market that should feature a significant amount of trouble above, but if we were to finally clear the $65 handle, we could go much higher. However, it looks by the action that we’ve had over this last week that we are ready to do it. Beyond that, we might be a little bit overextended. That being said, a pullback would make sense and at that point I’d be looking for value underneath, first at the $62.50 level, and then possibly lower at the $60 level.

WTI Video 15.04.19

Brent

Brent markets are above the massive gap at the $70 level that I was talking about previously. However, there is significant resistance just above as well based upon previous support. At this point, we are probably going to be somewhat stagnant and probably will be held hostage by the WTI market and whether or not it’s going higher or lower. Because of this I think that the Brent market will follow the WTI market and not the other way around. While this does look bullish, there is a lot of noise just above. If the WTI market rallied, that would be what this market needs to go higher.

Please let us know what you think in the comments below