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

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.

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