Crude Oil Price Forecast – Crude oil gets hammered

WTI Crude Oil

The WTI Crude Oil market continues to bounce around in a consolidation area that we have been in for some time. The $57.75 region above is resistance, but underneath at the $55.50 level, we have a lot of support. We are essentially stuck between the 50 day EMA underneath and the 200 day EMA above. Simply put, the market doesn’t know what to do right now as we continue to see a lot of back and forth. If we can break down below the 50 day EMA, then we could unwind rather drastically. If we can break above the 200 day EMA, then we should go much higher. Ultimately, this is a market that continues to be very short term focus, meaning that back and forth trading probably continues.

Crude Oil Inventories Video 04.03.19

Brent

Brent markets also look very confused, as the $65 level has offered a bit of support, while the $67.50 level above offers a significant amount of resistance. The market continues to go back and forth between the 200 day EMA above, down to the 50 day EMA underneath. Ultimately, this is much like the WTI Crude Oil market, in the sense that we can’t make headway. Eventually we should get some type of impulsive candle stick that we can trade. Until then, looking at back and forth short-term trades will be the best way to look at not only Brent, WTI, but even some of the more exotic blends of crude oil.

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