Crude Oil Price Forecast – crude oil continues to grind

Crude oil markets continue to grind overall, as we press against major resistance. That being the case, the market continues to be very choppy, and short-term traders continue to run the show when it comes to petroleum markets.
Christopher Lewis
Crude Oil daily chart, February 06, 2019

WTI Crude Oil

The WTI Crude Oil market fell during the trading session on Tuesday, as the $55 level continues to offer major resistance. If we can break above the highs from both the Friday and Monday candles, the market should continue to go higher, and it’s obvious that the buyers continue to come in to pick up bits of value as they appear. Beyond that, it looks as if we are at a major inflection point when it comes to the longer-term attitude of markets. If we were to break down below the 50 day EMA and the 20 day EMA just below, then the market could continue to go lower.

Oil Forecast Video 06.02.19


Brent markets pulled back during the trading session on Tuesday, bouncing from the 50 day EMA. The resistance line just above at the $64 level continues to offer a bit of a pushback, and if we can break above there then the market could continue to go higher. The market looks as if it is trying to form a bit of a base, and I do think that oil is going to break out. Short-term pullbacks continue to offer buying opportunities but obviously the noise in this market is extraordinary. With that in mind, I would be very cautious about putting a lot of money to work but once we get the break out it should be a clear signal that we are going to go much higher. The $60 level underneath is support for the longer-term move in if we broke down below there, that would be very negative obviously.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.