Crude Oil Price Forecast – Crude oil market spike for the day

Crude oil markets rallied quite significantly during the trading session on Tuesday, as the ECB warned that more quantitative easing could be coming. With that, the currency markets helped lift commodities in general.
Christopher Lewis
Crude Oil daily chart, June 19, 2019

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the trading session on Tuesday, reaching towards the $54.50 level. There is a significant amount of resistance at the $55 level as well, so at this point if we can break above there we could get moving in a very bullish stance. However, I think at this point it’s a bit early to get overly excited about buying this market. After all, we still have the FOMC coming out tomorrow, and that of course will have an influence on the US dollar. That being said, we are still technically in the range bound trading block that we have been in for some time.

Oil Forecast Video 19.06.19

Brent

Brent markets initially pulled back during the trading session on Tuesday but then found enough support just above the $60 level to rally, so it’s very likely that we continue to see this market go back and forth. Quite frankly, this is a market that has gotten a bit ahead of itself during the trading session, as we await the FOMC Statement. Beyond that, I think this was simply a market looking for a reason to rally after testing this major support barrier. That makes sense, as it is a technically important reason. Ultimately, I think that the market will probably find quite a bit of interest in this area, especially considering that the 61.8% Fibonacci retracement level is underneath. I do believe that a bounce could be coming, but if we break down on a daily close below the $60 handle, the market could reach down to the $55 level next.

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