Crude Oil Weekly Price Forecast – Crude Oil Markets Show Signs Of StrengthCrude oil markets initially fell during the week but have turned around quite nicely to form hammers in both grades that we follow here at FX Empire. At this point, it looks as if the market is going to try to finally bust through the top of the range.
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.
WTI Video 25.11.19
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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