WTI Crude Oil Forecast Today 11/04: Gravity Returns (Video)

(MENAFN- Daily Forex)

• It's been a pretty rough day during the trading session on Thursday for the crude oil market and you can see that the market started falling in pre-market and the US China risk continue to be a major issue.
• After all, if there is a lack of economic movement, there's going to be a lack of demand for crude oil. It makes perfect sense.

The reprieve that we got during the trading session on Thursday, quite frankly, I think was a bit of a short covering rally and I think a lot of traders are starting to look at this and go, well, has anything actually changed? Maybe things aren't as bad as they could be, but the real trade tariff issue right now between the United States and China is going to cause a lot of major problems.

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The market bouncing from here should be thought of as a gift for sellers to get involved in, but I really don't like the idea of trying to catch a falling knife here. The best case scenario for crude oil at the moment is going to be spending a lot of time around the $60 level. For what it is worth, I was watching the futures market earlier and there was definitely some type of bid right around the $60 level. So, we'll have to watch that closely. As I record this video, we are down about 50 cents below that level, but we have also bounced from the lows of the day. So, all things being equal, this is a market that I think is in transition and we will have to pay close attention to whether or not it can pick itself up off the floor. Job one for the bulls will be to go sideways for a while. If we break down below the $55 level, look out below. Crude oil, probably just craters.

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