Crude Oil Weekly Price Forecast – Crude Oil Markets Show Signs of Exhaustion
At this point, the question is whether or not we are going to see a breakdown, or if we are simply trying to digest the recent gains.
WTI Crude Oil
The WTI Crude Oil market has initially tried to rally during the week, but then turned around to form a bit of a shooting star. The shooting star is reaching the top of the gap, and then has pulled back from there. That tells me that the gap could very well hold, so if we break down below the bottom of the candlestick, we will more than likely go looking towards the $35 level. Below there, the $30 level is likely to be supported, and as a result that could be our new range: between the $30 level on the bottom and the $40 level on the top.
WTI Oil Video 29.06.20
Brent
Brent markets initially rally during the week but gave back the gains in order to form a big shooting star. The shooting star does not fill the gap in this market though, so at this point it will be an interesting candlestick to follow, to see whether or not we can break above it and then find resistance at the gap, or if we simply rollover. It is worth noting that we have just rolled over the contract, so the gap is a little higher over here than it was during the previous one. If we break down below the $37.50 level, then I think we go looking towards the $35 level. In general, I think that the new range might be between the $45 level and the $35 level, but that remains to be seen. We do look a little heavy at this point.
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