Crude Oil Price Forecast – Crude oil markets calm down

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the trading session but settled on a relatively positive candle stick at major resistance. The 50 day EMA has caused a bit of resistance, so I think at this point it’s very likely what we are going to see is market participants take a bit of a breather. We are starting to get into an area that was previous support, so it should be resistance. I think a pullback towards the $55 level should be an opportunity to pick up a bit of value in this market.

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Brent

Brent markets went back and forth during the session as well, reaching around the 50 day EMA but at this point I think what we are looking at is a market that will pullback in order to pick up more momentum to continue going higher. Overall, we have to worry about the US/Iran situation, and that of course could bring the value of crude oil higher. Also, we have the Federal Reserve softening its monetary policy, so therefore we could also see crude oil get a bit of a bump from the currency markets as well. Ultimately, this is a market that I think will continue to be very noisy, but we have just finished a “W pattern”, which of course is a very bullish sign so I like the idea of buying dips as they offer value in what looks to be a huge turnaround in the attitude of market participants.

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