Crude Oil Price forecast for the week of November 27, 2017, Technical Analysis

Christopher Lewis

Updated Fri, Nov 24, 2017, 9:19 PM

WTI Crude Oil

The WTI Crude Oil market initially fell during the trading week, but found enough buyers just above the $55 level to turn around and rallied significantly. Because of this, it looks as if the market could reach towards the $60 level this week, and certainly there is plenty of bullish momentum underneath. The $55 level now looks as if it is going to act as a short-term “floor” in the market, and that we could even break be on the $60 level to go much higher. I think that crude oil will continue to get a boost as long as there are tensions in the Middle East, with the Saudis and Iranians saber rattling. Ultimately, this is a market that I think will find a lot of pressure from above, but American drilling hasn’t had a major effect yet.

WTI Video 27.11.17

Brent

Brent markets initially fell during the week as well, but just as the WTI market did, we bounced significantly. At the end of the week, we ended up forming a hammer, just as we did the previous week. The $64 level above has been resistive, but $65 seems almost a given at this point, and I believe that pullbacks will continue to be an opportunity to go long, as the $60 level now looks to be a “floor” in the market. In general, I believe that the market is bullish, and I believe that Brent will continue to benefit from fear trading out of the Middle East. In general, the markets look very bullish, at least for the short term, until either tensions cool down, or American start drilling more. Currently, this is a market that favors buying on the dips as the buyers have gotten aggressive.