Crude Oil Weekly Price Forecast – Crude Oil Markets Show Signs Of Strength

WTI Crude Oil

The WTI Crew Oil market initially fell during the week but then broke above the $55 level. This is an area that has a lot of psychological and structural importance attached to it, and it now looks as if the market maker looking towards the 50-week EMA followed by the 200-week EMA. The longer-term chart of this commodity suggests that we are bouncing between the $50.00 level in the bottom, and the $60.00 level on the top. With that being the case, we are essentially in the middle of this trading range, so expect more back and forth with a slightly upward bias.

WTI Video 28.10.19

Brent

Brent markets initially pulled back during the week, but then broke above the $60 level again. At this point, it looks as if the market is going to go looking towards the 50-week EMA closer to the $64 handle. Above there, the $65 level will be the next target. Short-term pullbacks probably offer buying opportunities, as this market has been consolidating for some time. Crude oil markets continue to make a lot of noise in this area but quite frankly they are trying to form a new range from which to trade. I think that a pullback is likely in the short term, but that should only not be a buying opportunity. As far as longer-term traders are concerned, they may have to simply bounce back and forth from the $55 level in the bottom, and the $65 level above.

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