Crude Oil Price Forecast – Crude Oil Continue to Do Very Little

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done very little during the trading session, as we continue to see this market go sideways. The 50 day EMA as well as the 200 day EMA continues to simply go sideways as well, showing that there is no real momentum. The $40 level of course offers a bit of support as well, so that is worth paying attention to as well. The market has nowhere to be right now, because quite frankly we have not shown any signs of making a significant move.

The $36.25 level looks to be massive support, as we have bounced from there couple of times. Ultimately, the $43.50 level above is significant resistance. That being said, the market is essentially right in the middle of these areas, so that suggests that the market is at “fair value”, making it very difficult to trade. Ultimately, it is best to sit on the sidelines.

Crude Oil Video 21.10.20

Brent

Brent markets were even more quiet during the trading session, currently sitting just below the 50 day EMA. Ultimately, the market is doing the same thing as the other grade of crude oil, simply going sideways. The area between the 50 day EMA and the 200 day EMA should continue to offer resistance, so I think what we are going to see here is that every time this market rallies, sellers will come in to take advantage of exhaustion. Ultimately, the market goes down to the $40 level underneath. The $40 level should be significant support, as it is a large, round, psychologically significant figure. If we were to break down below there, the bottom can follow.

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