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.”

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