Crude Oil Price Forecast – Crude Oil Markets Continue the GrindThe crude oil markets have continued to grind a bit during the trading session on Thursday, as we simply have nowhere to be in what is a very quiet market.
WTI Crude Oil
The West Texas Intermediate Crude Oil market initially tried to rally a bit, but as you can see, we have dropped from the highs. The 200 day EMA is a large technical indicator that a lot of people pay attention to, and therefore I think it is worth noting that we have gone sideways of the last couple of days. At this point, there are several support levels underneath that I am paying attention to on pullbacks. I believe that the $40 level is crucial due to the fact that it is a large, round, psychologically significant figure. Underneath there, we also have the 50 day EMA which is closer to the $37.50 level. I believe in buying pullbacks, but I do not necessarily think that we are getting ready to break out quite yet. We are building up enough pressure to reach towards the $49 level above.
Crude Oil Video 24.07.20
Brent markets also look a bit quiet as we also do not have anywhere to be here either. Ultimately, the 200 day EMA above is going to offer significant resistance, so if we can break above there then I think the market goes looking towards the $50 level. Pullbacks at this point should see plenty of support underneath at the $40 level, and also the 50 day EMA which is just above there as well. Crude oil has been rather resilient although very choppy at the same time. All things being equal, this is a market that should continue to see a lot of grinding but eventually it looks like the buyers may have to say.
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