Crude Oil Price Forecast – crude oil continues to press resistance

WTI Crude Oil

The WTI Crude Oil market continues to go back and forth during the trading session on Thursday, as we see a massive amount of resistance at the $55 level. That’s an area that of course has been resistive for some time now, perhaps the neckline of an inverse head and shoulders of sorts. One would have to believe that eventually we will break out, but the question is which direction? I see just as much support at the $50 level as I see resistance at the $55 level. Because of this, I think that we will continue to see a lot of back-and-forth but we should get an explosive move eventually that tells us which direction we want to be trading.

Crude Oil Forecast Video 14.02.19

Brent

Brent markets also have been trying to break out above the neckline but haven’t quite taken off yet. I think that the $65 level above is the top of the resistance, and if we can get above there we should continue to go higher. However, if we pull back from here I would anticipate that there should be plenty of support down at the $60 level. In general, I think this market is probably going to continue to chop around, but it looks as if we have a bit of an upward bias when it comes to this market, so keep in mind that we may eventually get that move as the Saudi Arabia and government has announced they are not going to keep producing as much.

Please let us know what you think in the comments below