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Christopher Lewis
Crude Oil Weekly Price Forecast - Crude Oil Markets Show Signs Of Strength

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially fell during the week, reaching down towards the $55 level. That is an area that has offered significant support, and we turned around in order to form a massive hammer. The hammer of course is bullish, but at this point in time there is a significant amount of resistance above at the $60 level, so we would need to break above there in order to truly break out. Pullbacks may happen, but more than likely they will be buying opportunities. If we break down below the $55 level it’s likely that the market will go down to the $50 handle.

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WTI Video 25.11.19

Brent

Brent markets have dropped significantly during the week, but then turned around to show signs of life by forming a hammer. The hammer sits just below the 50 week EMA, and perhaps more importantly, the $65 level above should be important as resistance. If we can break above there, it’s likely that the market will try to go looking towards the $67.50 level, but it’s going to take a significant amount of momentum to make that happen. At this point, short-term pullbacks are probably buying opportunities that you can take advantage of. If we break down below the $60.00 level, the market could go to the $57.50 level. Going back and forth is probably what we are going to continue to see going forward. That being said, it looks as if people were beginning to push harder.

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