Crude Oil Price Forecast – Crude oil markets break resistance after announcement

During the Asian session, there was news that perhaps the Americans were going to get rid of waivers for countries that are out buying Iranian oil. This of course rocked the oil markets, and we shot higher. However, the gains were somewhat muted after the initial surge, as we found out that there was going to be at least a year grace period ahead.
Christopher Lewis
Crude Oil daily chart, April 23, 2019

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the trading session on Monday to slice through the $65 level. That’s an area that of course is important, as it is a large, round, psychologically significant figure, but it’s also an area that a lot of selling pressure sits just on top of. While this is a very positive turn of events for the market, the reality is that we still have some work to do. Ultimately, I believe that short-term traders will continue to come in and pick up the dips.

Crude Oil Video 23.04.19

Brent

Brent markets rallied rather stringently as well, which makes sense considering that Brent is more of a global benchmark and therefore it’s going to be more sensitive to the Iranian situation. The fact that we shot higher and held onto more of the gains in this market tells me that it is probably going to be the leader when it comes to these grades of crude oil that we follow here at FX Empire.

I do believe that we may get short-term pullbacks, but I also believe that the WTI Crude Oil market is likely to be a follower, so I will be watching this chart for a pullback and then they surge higher to get long of the other grade. If this market can break above the $75 level, then he can go much higher, perhaps extend to the $77.50 level. As far as selling is concerned, I have no interest in doing so anytime soon.

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