Crude Oil Price Forecast – crude oil markets continue to test major trendline

Updated : Oct 29, 2018, 16:40 UTC•1min read

Crude oil markets fell a bit during the day on Monday as traders came back to work but continue to find support based upon the longer-term trend line. At this point, it looks as if the market is struggling to stay afloat, but it’s possible that we get some type

The WTI Crude Oil

The WTI Crude Oil market fell a bit during the trading session on Monday, reaching towards the uptrend line on the daily chart that has been so important. The fact that we have stayed above that uptrend line so far, is a very good bullish sign. If we can break above the top of the range for the trading session on Monday, it’s possible that the selling has abated and we could get a bit of a bounce from there. A break down below the uptrend line should send this market down to the $65 level, breaking down below that level would be an extraordinarily negative sign.

Crude Oil Video 30.10.18

Brent

Brent markets also fell a bit but stay above the uptrend line that has been so important. While it’s been very volatile during the trading session, that should not be surprising considering that the market has been falling rather hard over the last several sessions, but I believe that a lot of value hunters are starting to come back into the market at this point. In general, I think that we probably go looking towards the $85 level given enough time, but obviously the $80 level will be resistance as well. If we do break down below the uptrend line, then the $75 level will be supported and a break below that would of course be negative and should send this market down to the uptrend line underneath.

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