Crude Oil Price Forecast – Crude Oil Markets Continue to Drag On Sideways

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Tuesday but gave back the gains as we continue to go back and forth. Quite frankly, this is a very choppy market and has been difficult to trade for some time if you are looking for anything more than a short-term scalper. That being said, the short-term scalping is perfect for a specific type of trader, and I know several crude oil traders that have made a small fortune buying short-term dips and taking quick profits. I see this as being more the same, but it does seem as if we are favoring the upside overall, as I believe we will probably go marching towards the $49 level.

Crude Oil Video 19.08.20

Brent

Brent markets initially pulled back a bit during the trading session on Tuesday but have found a little bit of support near the $45 level. That being said, it is very much like the WTI Crude Oil market as it will be a short-term buying on the dip type of strategy that works out, but it is only going to be in short-term bursts over here as well. Ultimately, I do think that we go looking towards the $50 level, but it is going to be more like a slow drive to that level, not some type of sudden impulsive candlestick. Obviously, if we get that impulsive candlestick that you should jump on it but right now, I believe this is more of a grind than anything else.

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