Crude Oil Price Forecast – Crude Oil markets Continue Slow Upward Grind

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Tuesday, as we continue to see a lot of upward pressure overall, but it is more of a grind than anything else. Ultimately, I do think that the market is one that traders continue to buy on dips, but it is more of a short-term market than anything else.

Because of this, it is a “one-way trade”, but with just a little bit of momentum. I think that the 200 day EMA underneath should offer significant support, and below there I would anticipate that the 50 day EMA also offers significant support. In that general range, I believe that there is a “floor” in the market. Breaking down below the 50 day EMA would flush this market. In the short term, I anticipate that the market eventually goes looking towards the $49 level.

Crude Oil Video 26.08.20

Brent

Brent markets went back and forth during the trading session on Tuesday, reaching towards the 200 day EMA before it was all said and done as the buyers eventually won the day. Ultimately, it looks as if we can break above the 200 day EMA we can go grinding towards the $50 level. To the downside, the 50 day EMA is at the $43 level and offering support, so I do like the idea of buying dips over here as well, especially if the US dollar can continue to soften a bit, that will more than likely drive up the price of crude oil as well.

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