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Crude Oil Price Forecast -crude oil markets continue to meander

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market continues to go back and forth during the day on Monday as we are bouncing around the $51 region. The market is clearly supported at the $50 level as well, and of course the triangle that I have marked on the chart. Overall, if we can break above the downtrend line on the triangle, then we will probably go looking towards the $55 level, perhaps even the $57.50 level after that. Alternately, if we break down below the $50 handle, then I think it opens the door for a move down to $45. Recently though, it does look as if oil is trying to find its footing.

Crude Oil Video 11.12.18

Brent

Much like the WTI grade, Brent has been hovering above a major figure, this time in the form of $60. If we can get some type of bounce from here, we could go looking towards the $64 level again, an area that began significant resistance to the $65 level. Alternately, a break to a fresh, new low could send this market down to the $55 handle underneath. This is a marketplace that will continue to be a bit soft, and of course will be reacting to headlines coming out of Russia and OPEC nations as to whether or not there will be compliance to those production cuts announced. At this point, I think another major concern is going to be global slowdown issues, so we will have to wait and see. Obviously, one market will probably lead the other.

This article was originally posted on FX Empire

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