Crude Oil Price Forecast November 6

WTI Crude Oil

The WTI Crude Oil market has bounced slightly from the $62.50 level, an area that has been support more than once. Because of this, I think it’s only a matter time before traders will continue to make a major decision, because this area could be rather crucial. If we can bounce from here, I think the $65 level would be targeted next. If we break down, $60 seems like a good target.

Crude Oil Video 06.11.18

Brent

Brent markets also are trying to find a bit of support near the $72.50 level, which I think it extends down to the $70 level. At this point, we have broken above the top of the previous candle stick, which is a bit of a “inverted hammer.” This is actually a bullish sign and I think we could see this market goes looking towards the $75 level next. A break above that level should send this market towards the $77.50 level as well. This market has gotten oversold by just about any metric you look at, so I think we are more than likely going to see a relief rally at the very least, if not much more than that. The $70 level should be rather stringent support, if nothing else because it is a large, round, psychologically significant figure.