Crude Oil Price Forecast – Crude oil markets break resistance after announcementDuring 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.
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 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.
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