Crude Oil Price Forecast – Crude Oil Markets Continue To Consolidate

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session with slightly bullish pressure on Tuesday as we continue to dance around the 200 day EMA. We are currently in the middle of the overall consolidation rectangle, so this suggests that we are going to be very choppy and short-term focused to say the least. With the crude oil markets struggling with global demand being fairly light, that would be your bearish pressure. On the other side, supply is rather threatened by the idea of potential production cuts, although that is starting to go by the wayside. Ultimately, the market looks as if it is waiting for some type of catalyst.

Oil Forecast Video 13.11.19

Brent

Brent markets also look very much the same, as they are sitting between the 50 day EMA and the 200 day EMA currently. The choppy action suggests to me that we aren’t ready to go anywhere right now, and simple short-term scalping is probably going to continue to be the way going forward. The 200 day EMA obviously will offer some resistance, just as the 50 day EMA will offer support. All things being equal, we will probably have to wait to see inventory figures to get a better feel as to where we are going next. Right now, unless you have the ability to trade very short term, neither of these two markets are probably going to do well for you. That being said, a strong and impulsive candlestick could give us a clue, which is essentially what I am waiting for in these markets.

Please let us know what you think in the comments below