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Crude Oil Weekly Price Forecast – crude oil markets test major trendline
The crude oil markets fell hard during the week, reaching down towards a major trendline in both grades that we follow here at FX Empire. Because of this, it looks as if we may have finally done enough destruction to attract value hunters.
The WTI Crude Oil market fell hard again during the last week, but you can see that the uptrend line that has been so prominent is starting to offer a bit of support. At this point, I think it’s only a matter time before buyers come in to pick up value, because not only do we have the uptrend line on the longer-term charts, but we also have the $65 level underneath. I will pay attention to the daily chart for signs of support, perhaps even a hammer that I can start buying. If we do break down below the $65 level, not only do we have bearish pressure slicing through the uptrend line, but we also have a major horizontal line breaking down as well. That would be very bad.
Brent markets fell during the week, reaching towards the uptrend line underneath, which of course has offered support. The question now is whether or not Brent will lead the way? It has bounced a bit harder from the trendline in this market, reaching up from the $75 region. If we break down below that uptrend line, and sliced down through the $75 level, it’s very likely that this market will unwind quite drastically. However, I think that the overall trend is still intact, and perhaps Friday may have saved this market. Pay attention to the daily chart for injuries, but the uptrend seems to be holding and therefore it’s a bullish market still, despite what’s happened over the last couple of weeks.
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