Crude Oil Forecast: Crude oil markets were slightly positive during the trading session on Monday, but one would have to think that this is a slight jump from the main support, or maybe there is also a small part of “dead cat bounce“.
It is not that we can not rally here, and obviously I think the market has been overloaded, but I need this market that I am willing to invest a little bit before proving myself .
WTI Crude Oil
The WTI Crude Oil Market has bounced slightly at the level of $ 62.50, an area that is supporting more than once. For this reason, I think it is a matter of time before traders continue to make a big decision, because this area can be rather important.
If we can jump from here, then I think the $ 65 level will be targeted at the next. If we get broken, then $ 60 seems like a good goal.
The Brent market is also trying to find some support at the level of $ 72.50, which I think has spread to the level of $ 70. At this point, we have broken the previous candle from the top of the stick, which is a bit of “inverted hammer”. This is actually an exciting sign and I think we can see that the market is looking at the level of the next $ 75.
A break above that level should also be sent to this market at the level of $ 77.50. The metrics you see on this market are overloaded by that, so I think the least chance of seeing a relief rally is more, if not more than that. The level of $ 70 should be strong support, if nothing else, because it’s a big, round, psychologically important figure.