Crude Oil Weekly Price Forecast – Crude oil markets collapse

WTI Crude Oil

The WTI Crude Oil market initially rallied during the trading week, but then fell rather hard. Friday was an absolute collapse, and now that we are below the $55 level, it’s likely that we are going to continue to go lower. I believe that the next stop will be $52.50, and then perhaps even the $50 level after that. I would look to short-term charts that show signs of exhaustion to sell in order to pay attention to the longer-term trend. Under no circumstances should you be buying this market, regardless of the fact that it will more than likely bounce in the short term.

WTI Video 03.06.19

Brent

Brent markets broke down as well, slicing below the $62 level. Friday was terrific for this market as well, as the $60 level looks very likely to be a support level and perhaps a bit of a target. Rallies at this point will continue to see sellers at the $65 level, so looking at shorter-term charts for signs of exhaustion will probably be the best way to play this market. We had closed at the very bottom of the candle stick for the week, and therefore it’s very likely that we are going to see this market continue to go lower. If and when we break down below the $60 handle, this market is going to unravel yet again and go looking towards the $55 level next. In general, this is horrific looking from everything that I see, and I wouldn’t buy this market either.

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