Weekly crude oil price forecast

WTI crude oil

The WTI crude oil market first recovered during the trading week, but then dropped quite sharply. Friday was an absolute collapse, and now that we are below the $ 55 level, we are likely to continue to fall. I believe the next step will be $ 52.50, and maybe even the $ 50 level thereafter. I would turn to short-term charts showing signs of burnout for sale to reflect the long-term trend. You should under no circumstances buy this market, even if it will bounce more than likely in the short term.

WTI video 03.06.19

Brent

Brent markets also collapsed, falling below the $ 62 level. Friday's day was also excellent for this market, as the $ 60 level seems most likely to be a level of support and perhaps a little target. Rallies at this stage will continue to make sellers reach the $ 65 level. Therefore, looking at short term charts showing signs of exhaustion will probably be the best way to play in this market. We had closed at the bottom of the candlestick for the week and so it is very likely that this market continues to fall. If and when we fall below the $ 60 threshold, this market will crumble again and go to the next level of $ 55. In general, it is horrible of all that I see and I would not buy this market either.

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