Crude Oil Price Forecast – Crude oil markets continue selloff

The crude oil markets have pulled back a bit during the trading session again on Thursday, as we continue to chop around overall. Crude oil has looked a very negative, but at this point we are trying to form some type of wedge. Even if we do break down from here, there are a lot of support levels underneath.
Christopher Lewis
Crude Oil daily chart, September 13, 2019

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gotten hammered again during the trading session on Thursday, reaching towards the $54 level. At this point, the market is reacting to the lack of cuts, and perhaps the geopolitical situation loosening with the Iranians as Donald Trump has fired John Bolton, a known hawk when it comes to the Iranians and just about anything else on the planet. With this, there is hope that perhaps the Americans and the Iranians will talk again. Regardless though, quite frankly it appears that OPEC nations aren’t cutting like they said they would, which of course should not be a huge surprise as they rarely do. Oversupply continues to be an issue, so it’s likely that we fall in this range for a while.

Crude Oil Forecast Video 13.09.19

Brent

Brent markets also fell during the trading session as we are decidedly below the 50 day EMA now. It looks as if we are going to go down to the $57.50 level. That’s an area that will offer a bit of support, and then the $56 level will be next. Global growth and demand is also an issue, and with central banks around the world trying to inflate their economies, this is going to create very sloppy trading conditions as we have had over a decade of this already. I suppose you could asked the question: “if it really hasn’t worked so far, then what’s different now?”

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