Crude Oil Weekly Price Forecast – Crude Oil Markets Running Into Resistance AgainCrude oil markets rallied during a large portion of the week but gave back enough gains to form a less than impressive candlestick.
WTI Crude Oil
At this point, the WTI Crude Oil market will put just about anybody to sleep that is trying to make a longer-term move. We have formed a shooting star for the week, which pierced above the top of the gap, so this does suggest that perhaps we are ready to pull back. However, the previous two weeks were hammers so that suggests that there are still plenty of buyers. At this point, we need to see a candlestick that breaks out of the range between the highs from this past week, and the lows from the previous week. If and when that happens, then we may be able to follow that direction.
WTI Oil Video 27.07.20
Brent markets look very much the same, filling the gap, or at least coming close enough to it, before pulling back. At this point the market looks as if it is ready to go back and forth in the gap area between the $40 level and the $45 level, roughly speaking. The fact that we have formed a hammer, another hammer, and then a shooting star shows just how much indecision there is in the marketplace. At this point, I believe that the Brent market is going to be a very neutral market to say the least. This is probably not going to offer a nice long-term opportunity anytime soon, so anybody willing or able to get involved in the Brent market is probably going to have to do so from a short-term back-and-forth type of stance.
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