Crude Oil Price Forecast – Crude oil continues to consolidate

WTI Crude Oil

The WTI Crude Oil market fell quite a bit after the inventory numbers came out with a 7 million barrel build. However, we bounced significantly from the $55.50 level. That’s an area that has been massive support, and it looks like we are going to continue to go back and forth and it looks like the 50 day EMA underneath is also offering support but at the same time you can say that the 200 day EMA above is going to offer a significant amount of resistance. But frankly, I think we will eventually get an impulsive candle in one direction or another that tells us where we are going longer-term. Until then, it’s all about going back and forth and scalping in both directions.

Crude Oil Price Forecast Video 07.03.19

Brent

Brent markets were all over the place during the day on Wednesday as well, showing signs of support at the $65 level underneath and resistance at the 200 day EMA above near $67.50. That being said, it looks like we are going back and forth in trying to decide whether we can break out to the upside. If we break down below the 50 day EMA, then the market probably goes down to the $60 level next. If we break out to the upside, the $70 level features a gap that needs to be filled. In the short term it looks like we should go back and forth and offer plenty of short-term scalping opportunities. Markets can only go sideways for so long, before they make their decision. Once they do, we could have a significant move.

Please let us know what you think in the comments below