Crude Oil Weekly Price Forecast – Crude oil running into resistance

Crude oil markets continue to go back and forth as this week was no different than the previous week. The resistance just above is causing some issues for the WTI market, while the Brent market seems to be spinning its wheels and waiting for its cousin to come along.
Christopher Lewis
Crude Oil weekly chart, April 22, 2019

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the shortened week, but as you can see this neutral candle is right where we would expect to see a certain amount of resistance at the $65 level has been important more than once. When you look at the daily chart, you can see that there are a lot of back-and-forth in choppy moves over the last couple of weeks, and we are most certainly facing a lot of headwinds. Global growth concerns could come into play as well, but it looks as if the $60 level should be rather supportive. If we break the $65 level on a daily chart, then $70 would be your next longer-term target.

WTI Video 22.04.19


Brent markets initially fell during the week but found buyers just above the $70 level to turn around and bounce to form a hammer. The question now is whether or not that hammer at the top of the trend means that we are going to continue to the upside and reach towards the $75 level, or do we break down below the $70 level, wiping out the support from that hammer and forming a “hanging man.” If that’s the case, it opens the door down to the  $67.50 level, and then possibly the $65 level after that. Ultimately, this is a market that has plenty of support underneath it so if we do see the oil markets fall apart, it’s probably going to be the WTI market first.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.