Crude Oil Price Forecast – Crude Oil Continue to Grind Back and Forth

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied during the trading session on Wednesday, reaching towards the 200 day EMA. Ultimately, the market has shown quite a bit of noise and back and forth recently. At this point in time, the market still sees a lot of resistance above at the 200 day EMA and the $43.50 level. I think fading signs of exhaustion continues to work on short-term charts, just as I think there is a significant amount of support at the $37 level. All things being equal, this is a market that I think continues to see choppy in range bound conditions due to the fact that the US dollar is so influential and of course we still do not know how this is going to play out as far as demand goes.

Crude Oil Video 15.10.20

Brent

Brent markets rallied during the trading session on Wednesday to break above the 50 day EMA. Ultimately, the market looks likely to try to grind towards the $45 level, which is where we see the 200 day EMA. At this point, it looks as if we are trying to form some type of range between the $45 level on the top and the $40 level on the bottom. Ultimately, this is a market that I think continues to be sideways more than anything else, waiting for a reason to break down. The reason I say this is that we have a severe lack of demand out there, and I just do not see that picking up anytime soon.

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