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Crude Oil Weekly Price Forecast – Crude oil markets have another rough week

Christopher Lewis
Updated
Crude oil markets fell again during the week, breaking through some technical barriers but we also have support just below. I think the next weekly candle is going to be crucial for the market, so therefore it’s likely to be an interesting few days ahead of us.

The BTI Crude Oil

The WTI Crude Oil market initially tried to rally during the week but then broke down through the $70 handle, a significant technical and psychological level. Now that we have broken down below there, reaching towards the 61.8% Fibonacci retracement level, before bouncing just a bit. I think at this point, the oil markets are very skittish as there are tensions between the United States and Saudi Arabia, and then of course the Iranian sanctions. I think there are a lot of competing headlines right now, so it is going to be very difficult to trade. In fact, I suspect you are better off to wait to see how this weekly candle shakes out before you place a trade.

Brent

Brent markets could lead the way. Although they are negative they have already turned around to break back above the $80 handle, bouncing from the 50% Fibonacci retracement level. If they start to rally, then the WTI market should follow right along. Keep in mind that this market has been bullish for quite some time, and I think that it is only a matter time before we rally but I also recognize that there are simply competing headlines right now that the oil markets going to be very noisy to say the least. Overall, I think that you can get involved to the upside but you must do so very slowly as there is a lot of danger out there.

This article was originally posted on FX Empire

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