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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.

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Oil Forecast Video 06.02.19

Brent

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.

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