Crude Oil Price Forecast – crude oil continues to chop

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Thursday, as we continue to bounce around in this very tight range. The $57.50 region is resistance, just as the $55.50 level offers support. We continue to go back and forth in general, and therefore show a lot of confusion. The 200 day EMA is just above, just as the 50 day EMA is underneath. With that being the case, we are trying to go in one direction or another, but until we get that impulsive candle, it’s almost impossible to put serious money to work. Short-term trading in a back-and-forth manner should continue to be the overall attitude.

Crude Oil Forecast Video 01.03.19

Brent

Brent markets also went back and forth during the trading session on Thursday, as we are sitting just below the 200 day EMA. The $67.50 level has been offering resistance above, just as the $65 level underneath has been offering support. We continue to chop around, and therefore it looks very likely that we need to make some type of impulsive decision.

If we break above the 200 day EMA on a daily close, that would be a very good sign that we are going to the $70 level and filling the gap. However, if we break down below the 50 day EMA, then we roll over rather drastically. This is a market that should continue to be very noisy but given enough time we should get an obvious trade. Right now it’s just scalping back and forth.

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