Crude Oil Price Forecast – Crude Oil Markets Continue To Grind HigherCrude oil markets continued to grind higher during the trading session on Thursday, as buyers are becoming more and more resilient. However, this is in exactly an explosive move, so I think you’re going to see more of a drift than anything else.
WTI Crude Oil
The WTI Crude Oil market has rallied a bit during the trading session on Thursday, breaking above the top of the candlestick from the previous trading session. This is a very bullish sign, and it suggests to me that we are more than likely going to find buyers on dips, as we reach towards the 200-day EMA above which will be the next major resistance barrier. Breaking above there could send this market towards the $60 level which I do anticipate longer term as we have seen so much in the way of resiliency.
Crude Oil Forecast Video 25.10.19
Brent markets initially pulled back a bit during the trading session on Thursday, reaching towards the 50-day EMA but then bounced to show signs of bullishness yet again. Ultimately, the market is likely to continue to go going higher, reaching towards the $62.50 level, and then perhaps the 200-day EMA. Ultimately, this is a market that should continue to find buyers on these dips as it shows a significant amount of resiliency. Overall, the market looks as if it is ready to go higher over the longer term but it’s not going to be easy. Expect the occasional pullback, but those should be thought of as buying opportunities as OPEC is likely to start cutting production in December. While it will only have a limited impact as the Americans are pumping crude oil out, it does have somewhat of an impact and we will probably continue to go back and forth in this overall range that I have marked on the chart.
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