Crude Oil Price Forecast – Crude Oil Markets Continue Same Range

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the trading session on Wednesday, as we are waiting for the jobs figure. The jobs figure is likely going to continue causing a bit of volatility due to the fact that people are going to be paying attention to whether or not there could be demand. With this, it looks as if we are stuck between the 200 day EMA above and the 50 day EMA underneath. Looking at this chart, we are sitting right in the middle of the previous gap, and as a result it looks as if the market is going to be more or less a short-term back-and-forth trading just waiting to happen.

Crude Oil Video 02.07.20

Brent

Brent markets went back and forth during the trading session on Wednesday, as you would expect. At this point, the market is bouncing around and the previous gap and it is likely that we are going to pay attention to the 50 day EMA and the 200 day EMA as both support and resistance. With this being the case, the market looks as if we are simply going to drift sideways until we get a jobs number announcement. When that happens, the market is likely to see a lot of volatility, but until we break out of this range there probably isnt much to do other than short-term back-and-forth scalping. Keep in mind that we will eventually get some type of resolution to the entire situation but right now it looks as if we have not been able to make a definitive move.

For a look at all of today’s economic events, check out our economic calendar.