Crude Oil Price Forecast – Crude Oil Markets Continue to ChopThe crude oil markets fell slightly on Friday, as we continue to try to determine whether or not the gap above is going to continue to offer resistance.
WTI Crude Oil
The WTI Crude Oil market pulled back a bit during the trading session on Friday, as we continue to see the market go back and forth after we initially tried to rally towards the gap and did fill it, but we cannot break above it. With that in mind, it is worth knowing that the 200 day EMA sits just above there, so I think that will be plenty of resistance. At this point in time, the market is likely to see a range formed, which I think is what we are doing right now. The 50 day EMA underneath could offer that support, and obviously the 200 day EMA above offers significant resistance.
Crude Oil Video 29.06.20
Brent markets pulled back a bit during the trading session on Friday, as we continue to see a lot of choppiness in this market. Having said that, the Brent market has not filled the gap yet so it is very possible we could continue towards the $45 region. At that point, we would also have a significant resistance barrier in the form of the 200 day EMA, so that is most certainly worth paying attention to. With that in mind, I like the idea that we buy value based upon the 50 day EMA underneath offering support. We have not formed the next range it but given enough time we should and therefore it is worth being patient. I do think that there is still more upward pressure than down, so that is something that you should be keeping in the back of your mind as we go forward.
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