Crude Oil Price Forecast – Crude oil grinds higher

Crude oil markets rose a bit again during the trading session on Thursday, as we continue to build up bullish pressure. The market has been rather resilient, but we are facing a lot of resistance.
Christopher Lewis
Crude Oil daily chart, March 15, 2019

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Thursday, breaking above the 200 day EMA. This is of course a very bullish sign, but we still have a lot to chew through. At this point, I like buying short-term dips in this market, as I believe we continue to see a lot of institutional demand, and of course momentum which has been so obvious. Because of this, it’s likely that we will continue to see a lot of back-and-forth on short-term charts but it certainly seems as if the buyers are starting to take over longer term. If that’s going to be the case, we will almost certainly reach towards the $60 level.

Crude Oil Forecast Video 15.03.19

Brent

Brent markets also look very bullish and have been grinding higher as well. However, we have given back quite a bit of the gains so I don’t know if we are ready to break out to the upside for a longer-term move quite yet. If we do, then the market will almost certainly target the $68 level, followed by the $70 level. Both of these areas feature a certain amount of resistance, but I think the momentum that we have been building up for some time now will continue to be crucial, and of course present an opportunity for a major break out which should be quite stringent when it happens.

I have no interest in shorting Brent, but I would not be surprised at all to see a bit of a break down on short-term charts. Think of those moves as value, and therefore basically the same thing as being “on sale.”

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

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US